The Passport mobility management platform has closed a US$65m 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 US$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.”
The company says that 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 10 years as it facilitates partnerships that will further improve how people move around cities.”
Passport says it 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 US$1.5bn processed to date. This year, the company was named to the Inc. 5000 and Deloitte Technology Fast 500 lists for the second year in a row.