Passport raises $65 million for mobility data platform
0Reported today on TechCrunch
For the full article visit: https://techcrunch.com/2019/12/10/passport-raises-65-million-for-mobility-data-platform/
Passport raises $65 million for mobility data platform
Passport, a mobility management platform, just raised a $65 million Series D round from Rho Capital Partners, H.I.G. Growth Partners and ThornTree Capital Partners. This round brings its total funding to $125 million.
The plan is to use the funding to further invest in Passport's mobility software platform and expand into digital parking payments.
In March, Passport partnered with Charlotte, N.C., Detroit, Mich. and Omaha, Neb. to create a framework to apply parking principles, data analysis and more to the plethora of shared micromobility services.
With Passport, cities can easily analyze scooter usage, parking patterns and curb utilization. Passport also enables cities to implement real-time curbside pricing and payments and better manage scooter placement. The idea is that cities and mobility providers will work better together if there are economic incentives in place.
Other than micromobility, Passport focuses on helping cities solve for issues with parking, enforcement and transit.
"In the future, almost everyone in the world will live in a city, so there's no more important challenge to work on than how people move throughout communities and transact with cities," Passport co-founder and CEO Bob Youakim said in a statement. "We envision a world where mobility is seamless. To bring this vision to life, we are creating an open ecosystem where any entity – a connected or autonomous vehicle, a mapping app, or a parking app – can leverage our transactional infrastructure to facilitate digital parking payments."