Driving Change with 623% Growth, Spare Ranks Among Canada's Fastest Growing Companies
Spare proudly announces its recognition as one of Canada's fastest growing companies based on 623% revenue growth from 2020 to 2022. The award showcases Spare's ongoing commitment to reshaping transportation.
VANCOUVER, November 8, 2023 — Spare, a trailblazer in on-demand transit software for paratransit and microtransit, proudly announces its recognition in Deloitte's 2023 Technology Fast 50™ awards program. This accolade, achieved due to a remarkable 623% revenue growth from 2020 to 2022, showcases Spare's ongoing commitment to reshaping transportation.
Being acknowledged by Deloitte is a significant milestone for us. Our focus has always been about serving communities and ensuring everyone, regardless of their location or physical abilities, can travel with ease. This honor reaffirms the impact we're creating globally.
Established in 2015 by co-founders Kristoffer Vik Hansen, Josh Andrews, and Alexey Indeev, Spare originated as a simple concept: "Share the spare seat in every vehicle already on the road." Beginning with ride-sharing services at the University of British Columbia where the three went to university, they soon shifted their focus to public transit, realizing they could have a larger impact by assisting agencies in offering on-demand transit services to those who needed them most. Today, Spare holds a leadership position in paratransit and microtransit, bridging mobility gaps for all.
On-demand transit is a flexible transportation system where passengers request rides as needed. Offered by transit agencies, on-demand transit caters specifically to the needs of underserved communities, such as those living in low-density neighborhoods without access to regular bus routes or individuals with disabilities. By empowering transit agencies to offer these specialized services, Spare guarantees that mobility is both inclusive and easily accessible for everyone.
Central to Spare's offerings is its platform which empowers transit agencies to modernize paratransit services and launch microtransit. Spare Platform helps agencies plan and operate on-demand services, optimizing dispatch and routing to ensure that riders receive the most efficient and reliable trips to their destinations. Spare has demonstrated it’s innovation by being the only on-demand transit platform to have successfully integrated giants like Lyft and Uber into transit services to support trip capacity. For riders, agencies use the white-labeled Rider App to provide a modern transit experience. This includes planning, booking and paying for trips, receiving real-time updates, and having complete visibility over their journey.
Globally, Spare powers over 10 million rides per year. In Canada, it has operations or projects underway in Winnipeg, the Region of Waterloo, Milton, Brampton, Burlington, Timmins, Medicine Hat, Saint John’s, Hamilton and others. Spare also operates Dallas's microtransit service and Austin's ADA paratransit service, with each representing the largest services in North America in their respective domains. By connecting people to education, jobs, healthcare, and essential services, Spare plays a pivotal role in fostering community connections and inclusive mobility.