The big new round of funding for Passport’s ticketing and parking management tech proves that software can even disrupt something as mundane and seemingly low-tech as the parking lot.
The startup, which just raised $65 million in new financing from investors, is a permitting, parking and ticketing management service for cities, office parks and campuses.
The capital commitment more than doubles the North Carolina-based startup’s funding to $125 million and is actually the second big investment round of the year for a parking tech company. SpotHero, the Chicago-based marketplace for parking, raised $50 million earlier in the year, and other services related to auto care and servicing in parking lots or on-demand have raised tens of millions of dollars as well.
“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 chief executive, 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.”
Passport’s application interfaces allow any government to set up electronic payments for parking tickets and with mobile readers can scan licenses to check for permits and approvals that car owners have through the company’s management service.
With the close of the new round, Habib Kairouz from Rho Capital Partners and Scott Hilleboe from H.I.G. will both take seats on the company’s board of directors.
The company processes more than 100 million transactions per year and will see $1.5 billion pass through its system this year.
