Funding fuels company vision for an open mobility ecosystem for cities
Passport, the leading mobility management platform, has closed a $65 Million Series D funding round with participation by Rho Capital Partners, H.I.G. Growth Partners and ThornTree Capital Partners.
These new investors join existing Passport investors Bain Capital Ventures, MK Capital, Grotech Ventures, and Relevance Capital. To date, Passport has raised a total of $125M. The new capital will be invested in growing Passport’s mobility software platform and expanding the mobility ecosystem to enable digital parking payments outside of traditional parking apps.
“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,” said Bob Youakim, Passport co-founder and CEO. “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.”
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This represents a major shift in the parking industry, which has been focused on building one-size-fits-all applications. Now, Passport can help cities take control of the curb, optimize mobility and create an interface between the city’s infrastructure and vehicles. In the coming months, Passport will be onboarding and announcing partners who are leveraging its APIs to facilitate parking payments.
With the close of the Series D round, Habib Kairouz from Rho Capital Partners will be joining Passport’s board of directors, along with Scott Hilleboe from H.I.G.
“Over the past decade, Passport has cemented itself as a leader in mobility technology and municipal payments,” said Kairouz, managing partner at Rho Capital Partners. “We see great potential in what the company can achieve in the next ten years as it facilitates partnerships that will further improve how people move around cities.”
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“Passport is uniquely positioned to transform urban mobility and how cities interact with their residents,” said Scott Hilleboe, managing director at H.I.G. Growth Partners. “We believe Passport’s technology platform at the epicenter of mobility, payments, and smart cities will enable the company to be a leader in the digitization of our cities. We are excited about our opportunity to support the company as it continues its significant growth.”
Passport serves nearly 1,000 clients worldwide, helping them to solve mobility challenges with solutions for parking, enforcement, permits, transit, and micro-mobility. Passport processes more than 100 million curbside transactions each year, resulting in more than $1.5 billion processed to date. This year, Passport was named to the Inc. 5000 and Deloitte Technology Fast 500 lists for the second year in a row.
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