Spare, a Vancouver-based transit software startup, has raised $42 million in a Series B funding round led by Inovia Capital, with participation from Kensington Capital and Nicola Wealth. The funding will be used to expand Spare’s global reach into more transit agencies, enhance its AI-driven platform, and meet growing demand, particularly in the paratransit sector.
Spare’s platform partners with transit agencies to provide on-demand services for riders with specific needs, including paratransit services for individuals with disabilities. The platform integrates with public and private transportation options, including Uber and Lyft, to offer customized, efficient transit solutions. Spare is now active in over 200 cities across North America, Europe, and Asia, with notable partnerships in Dallas, the Bay Area, and North Carolina.
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Pioneering Projects and Future Plans
One of the company’s key projects involved modernizing the paratransit system for CapMetro Access in Austin, Texas. The startup is also exploring new opportunities in non-emergency medical and school transportation services. CEO Kristoffer Vik Hansen emphasized the company’s commitment to building more equitable and responsive transit solutions.
Expanding AI Capabilities
In addition to the Series B funding, the startup received $10 million in growth capital earlier this year from CIBC Innovation Banking to further develop its AI-powered solutions, which aim to optimize transit operations and enhance user experiences.
