Vancouver, Ontario, Canada — Leading supplier of mobility operations software, Spare recently declared the successful completion of its Series B fundraising round, generating $42 million CAD. Leading investor from Spare’s Series A and long-time partner Inovia Capital oversaw the investment round. Others who have past investments included Nicola Wealth and Kensington Capital.
With this additional money, Spare will be able to satisfy the increasing demand for creative transit ideas—especially in the paratransit market. The demand for effective, adaptable, and responsive transportation options becomes even more important as the population ages. The solutions provided by Spare are meant to provide this efficiency and flexibility. The funding will be used to increase Spare’s global presence, therefore enabling more agencies to better serve their clients and hastening the evolution of its AI-driven platform.
“We are immensely appreciative of Inovia’s ongoing support as our lead investor since day one; their direction has been vital in our development and success,” stated Spare CEO Kristoffer Vik Hansen. “We also appreciate Kensington Capital’s and other strategic investors’ continuous dedication helping to develop the sector. This cash lets us serve more users, therefore giving the paratransit community the excellent consumer experience they are due. Using cutting-edge technologies—including artificial intelligence—we will increase transit agency efficiency and cost-effectiveness even further, so improving the rider experience—especially for the most vulnerable members of our society.
Hugues Lalancette, Partner at Inovia Capital, said, “This funding round will hasten Spare’s goal to enable the freedom of mobility, so making transit more accessible.” “We are constantly amazed with their world-class product and momentum they have created with partners. We are sure that this major investment will enable them to keep developing AI-based solutions that satisfy changing needs of transit agencies.”
Recent announcements of major alliances by Spare include GoDurham ACCESS in North Carolina and Dallas Area Rapid Transit (DART), Bay Area Rapid Transit (BART) and Alameda-Contra Costa Transit District (AC Transit) in the Bay Area. Whether ADA-paratransit or microtransit, these agencies run their demand response programs on the Spare Platform. Operating in eight of the ten biggest American cities, Spare works in
Spare helped modernize and transform Cap Metro Access in Austin, Texas, one of the first paratransit initiatives, from a decades-old legacy infrastructure. This cooperation has established a standard for like services all throughout the nation, proving the ability of technology to improve transportation availability.
“Spare has been really helpful in helping CapMetro Access change our paratransit service, making it more efficient and responsive to needs of our community,” stated Art Jackson, Vice of Demand Response at CapMetal. “Their creative platform and committed support have let us provide a more fair transportation alternative, so opening the path for next developments and expansions.”
Strongly present in North America, Europe, and Asia, Spare is the top demand response transit software vendor. It enables local governments all around to provide responsive, flexible, and effective transportation options. Emphasizing client success and innovation, Spare’s AI-driven platform is changing the way cities flow.
“As early Series A round supporters, we have seen Spare develop from a promising startup to a major player in the transit space,” said Kensington Capital Director Dylan Freeze. We are excited to see Spare drive more innovation and empower more transit agencies to provide flexible, efficient, contemporary services with this increased investment.”
