Spare Secures $42M in Series B Funding to Accelerate Growth in Demand Response Transit Solutions

VANCOUVER, BC / ACCESSWIRE / September 10, 2024 - Spare, a leading provider of mobility operations software, has raised $42 million CAD in its Series B funding round. The round was led by Inovia Capital, along with Kensington Capital and Nicola Wealth.

The funding will help Spare meet increasing demand for paratransit solutions. The company aims to expand its global reach and accelerate the development of its AI-driven platform. CEO Kristoffer Vik Hansen expressed gratitude for the continued support from investors, highlighting the positive impact on the paratransit community.

Spare has established significant partnerships with several transit agencies, such as DART, BART, AC Transit, and GoDurham ACCESS. Their platform powers a range of demand response services, showcasing technology's potential to enhance transit accessibility.

Inovia Capital's Hugues Lalancette noted that the investment will further Spare's mission to make transit more accessible. The company is present in North America, Europe, and Asia, and continues to innovate in the transit software industry.