Vancouver-based Spare has successfully closed its Series B funding round, raising $42 million. Led by Inovia Capital, with participation from Kensington Capital and Nicola Wealth, this funding will help Spare meet the growing demand for innovative transit solutions, particularly in the paratransit sector.
Spare’s AI-driven platform is used by major transit agencies, including Dallas Area Rapid Transit and Bay Area Rapid Transit, to modernize services. The new capital will support Spare’s global expansion and platform development. CEO Kristoffer Vik Hansen expressed gratitude to Inovia for their ongoing support since Spare’s inception in 2015.
Want to know more? Check out the source code on Techcouver.