Press Release: Spare's Innovative Open Fleets Set for Expansion Amidst Significant Growth
Spare enhances its innovative Open Fleets technology, thanks to advisory services and $3M in conditional funding from NRC IRAP.
Vancouver, Canada, August 9, 2023 - Spare, a leader in the on-demand transit software industry, today announced ambitious plans for the expansion of its innovative Open Fleets infrastructure. The technology is set to take a leap forward, thanks to the advisory services and a $3 million conditional funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP). By supporting Spare’s research and development, the funding will boost Vancouver's employment, expedite innovation, and enhance accessibility across Canada.
Spare's cloud-based platform provides on-demand transit services, empowering transit agencies to manage microtransit and ADA paratransit transit offerings. Its unique Open Fleets infrastructure connects transit demand with any fleet providers, including the agency’s own fleets as well as Transportation Network Companies (TNCs) like Lyft and Uber, local taxi services, and autonomous vehicle (AV) fleets.
The adoption of Spare Open Fleets by an increasing number of transit agencies in North America marks a significant industry shift in integrating private services like Uber and Lyft into their on-demand public transit systems. In the first half of this year alone, the volume of TNC rides dispatched from the Spare platform skyrocketed by 437%. This sharp increase attests to the reliability of the software infrastructure, which not only increases trip capacity but also reduces cost per trip.
"At Spare, we're deeply committed to making transit more accessible for everyone by making on-demand services easier to manage and more affordable to deliver,” said Kristoffer Vik Hansen, Spare’s CEO and co-founder. “The importance of an open ecosystem in transit cannot be overstated. By enabling seamless integration between a variety of fleet providers and trip demand, Open Fleets is transforming how transit agencies approach urban mobility.”
In the short span of three years, Spare has experienced significant growth, with annual recurring revenue (ARR) increasing sevenfold. This surge is primarily attributed to transit agencies recognizing on-demand transit as a flexible and efficient solution for both microtransit and ADA paratransit transit needs.
As Spare continues to lead and innovate in the on-demand transit domain, the planned expansion of Open Fleets represents a strong commitment to developing advanced transit solutions for a more interconnected, accessible, and efficient future of transit services.