Spare is a Vancouver-based SaaS platform that integrates wheelchair-accessible paratransit, on-demand microtransit, and ride-hail services to match riders with appropriate vehicles and operators. Its AI combines historical trip data, driver performance, and real-time traffic insights from Google to create more efficient routes and enable more on-demand paratransit options. The platform aims to lower transit agencies' operating costs by substituting lower-cost options (for example, using Uber for temporary disabilities) while keeping rider costs the same. Spare focuses on paratransit and is deployed in over 200 cities across North America, Europe and Japan, including Austin, Dallas, the Bay Area, Stockholm and Osaka. It competes with Via but has carved a niche by concentrating on paratransit integration. The company is exploring expansion into non-emergency medical and school transportation services. It recently raised a $30 million Series B (C$42M) led by Inovia Capital, with participation from Kensington Capital and Nicola Wealth. Spare provides on-demand transit software that lets public transit agencies launch flexible, responsive services and modernize specialized paratransit systems. Its Spare Platform uses AI to dynamically schedule and dispatch vehicles in real time, adapting to individual rider needs and improving accessibility for people with disabilities and those underserved by conventional transit. Spare has facilitated over 10 million rides globally and works with agencies including Dallas Area Rapid Transit, CapMetro (Austin), Winnipeg Transit, AC Transit, and Bay Area Rapid Transit. With $10 million in growth capital from CIBC Innovation Banking, Spare plans to accelerate development of human-centric AI to make the platform more intuitive for staff and riders. Management frames the funding as timely given demographic shifts toward an aging population and as a means to help transit become convenient enough to reduce personal car ownership. CEO Kristoffer Vik Hansen said the financing will enhance support for agencies serving historically underserved communities.

Total raised

$41M

Funding rounds

2

Latest round

Series B

Latest activity

Sep 2024