Passport is a Charlotte, NC-based transportation software and payments company led by CEO David Evans. The company provides a digital platform that enables cities to replace capital-intensive physical installations with mobile technology solutions. Its platform is used by more than 1,000 municipalities across North America, including Chicago, Toronto, Los Angeles, and Miami. Core product areas include mobile pay parking, parking enforcement, digital permitting, and micro-mobility. Passport secured $90M in funding to expand operations and further improve its digital platform infrastructure. The financing is intended to support scaling of the platform and operational growth. Passport Labs builds an enterprise mobility management platform used by cities, universities, and agencies to coordinate parking, enforcement, permits, transit, and micro-mobility. The company’s software enables real-time, data-centric management of curbside and street space and creates a transactional interface between city infrastructure and vehicles. Passport serves nearly 1,000 clients worldwide and processes more than 100 million curbside transactions each year, totaling over $1.5 billion processed to date. The company plans to grow its mobility software platform and expand its ecosystem to enable digital parking payments outside of traditional parking apps. In the coming months Passport expects to onboard and announce significant partnerships that will leverage its platform to facilitate parking payments. The company emphasizes creating an open ecosystem for connected and autonomous vehicles, mapping apps, and parking apps to use its transactional infrastructure. Passport provides a mobile-first platform for organizations in the public and private sectors to streamline operations, enhance customer service, and enable data-driven decisions. Its product lines include parking, transit and tolling payments, parking enforcement, and permit management. The platform has been adopted by more than 450 cities, universities, and private operators across over 5,000 locations, including Chicago, Toronto, London, and Miami. Led by founder and CEO Bob Youakim, the company had nearly 100 employees with plans to hire 50 more in 2018. Passport raised an additional $43M in Series C funding, bringing total invested capital to $60M. The company plans to use the funds to expand its global reach, accelerate product growth and innovation, invest in sales and marketing, and evaluate strategic acquisition opportunities. Passport provides cloud-based software that powers city transit and parking mobile apps, including ParkBoston, ParkChicago, Toronto’s Green P, and GoTuscon. Its user-facing apps let people pay for parking by phone, apply for and manage parking permits, buy mobile transit tickets and passes, and pay citations by phone. On the back end, Passport’s platform helps city offices and employees share real-time data and make operational decisions about enforcement, staffing, and resource allocation. The company serves municipalities across the U.S. and Canada. Passport said it would use new capital for hiring, international expansion beyond North America, and to add features to its apps; it also cited long-term possibilities such as apps to support autonomous-vehicle adoption. CEO Bob Youakim said the startup was cashflow positive prior to the Series B round.

Total raised

$206M

Funding rounds

4

Latest round

Equity

Latest activity

May 2021