Spare secures $6 million seed financing led by Mitsubishi Corporation
Spare, a world leader in on-demand transportation technology, today announced that it has secured $6 million of seed financing led by Mitsubishi Corporation, Japan’s largest trading company.
VANCOUVER, APR 30, 2019 — Spare, a world leader in on-demand transportation technology, today announced that it has secured $6 million of seed financing led by Mitsubishi Corporation, Japan’s largest trading company.
“Our vision has always been to accelerate the global shift to efficient and autonomous transportation, and with customers in 3 continents, I believe we’re well on our way”, said Kristoffer Vik Hansen, Co-founder and CEO of Spare. “Now, more cities around the world are looking at us to provide best-in-class software to manage entire transportation networks. We’ve expanded and continue to improve our product offering to enable just that, a connected, multimodal transportation experience for cities anywhere in the world.”
Spare will use the capital to scale in key areas, including:
- expanding sales worldwide, while continuing to maintain the same level of service and support for all customers;
- building out the capabilities of Spare Platform, enabling new modes of transportation that fit the needs of any city; and
- growing the support and operations team, as larger enterprises continue to move to Spare Platform.
In addition to investment, Mitsubishi Corporation and Spare have partnered to provide software for commercial on-demand transit services, starting in Fukuoka, Japan. Mitsubishi Corporation Senior Vice President Shigeru Wakabayashi, commented “We selected Spare as our technology partner because of their vision for the future of transportation, superior technology, and ability to meet the rigorous requirements of a new public transportation service in Japan. Through our collaboration, we believe Spare and Mitsubishi Corporation will be well-positioned for the explosive growth in demand for mobility services that will contribute positively to society.”
Spare Platform enables automakers, cities, and transit agencies, like Dallas Area Rapid Transit (DART), to manage completely automated, on-demand transportation networks, within multimodal transportation planning tools.
“Spare has been integral to the rollout of our updated GoPass® app, DART’s multimodal trip-planning platform,” said Gary Thomas, President/Executive Director at Dallas Area Rapid Transit. “Spare enables us to easily plan and operate new on-demand GoLink services, and facilitate seamless connections for passengers using DART bus and rail.”
Trusted across three continents, Spare Platform enables cities and transportation operators to plan, launch, operate and analyze the next generation of mobility services, including integrated on-demand and fixed route transit systems.