Passport Raises $90M in Growth Capital with Sixth Street Growth
Transportation Software and Payments Company, Passport, Plans for Expansion of Digital Platform With Latest Funding
Passport, a transportation software and payments company, has secured $90M in growth capital from Sixth Street Growth, the growth platform of Sixth Street, a leading global investment firm. The investment follows Passport’s $65M Series D funding at the end of 2019 and brings the total capital raised by the company to more than $200M.
“Sixth Street’s support of Passport is a testament to our vision of creating equitable solutions for more efficient streets and sidewalks,” said David Evans, Passport CEO. “This investment provides us with the financial footing to continue developing the technology our clients need to manage their complex mobility ecosystems — both now and in the future.”
As cities reopen in the wake of the pandemic they are managing conflicting demands on the use of their curbs. Passport plans to leverage this latest funding to further improve the company’s digital platform infrastructure to help cities maximize the use of curb space in a way that is safe, equitable, and creates positive community engagement.
“Passport enables cities to replace capital-intensive physical installations with effective, easy-to-use mobile technology solutions and we are pleased to partner with them as they continue to transform urban mobility,” said Bo Stanley, Partner and Co-Head of Sixth Street Growth.
“David and the Passport management team have a proven track record of technology development and are growing their platform to become the central management system of record for cities to manage mobility payments.”
More than 1,000 municipalities in North America trust Passport’s digital platform as its only end-to-end operating system for managing mobile pay parking, parking enforcement, digital permitting, and micro-mobility. To learn more about how Passport supports cities’ mobility infrastructure, visit the company website.
Passport sets cities in motion, helping to create more livable, equitable communities. Based in Charlotte, North Carolina, Passport is a transportation software company, delivering the operating system that enables cities to manage vehicle interactions with streets and sidewalks. With Passport, city leaders increase convenience, efficiency, and compliance today and tomorrow. Trusted by more than 1,000 cities, universities, and agencies, including Chicago, Toronto, London, Los Angeles, and Miami, Passport is one of the fastest-growing companies on the Inc. 5000 and Deloitte Technology Fast 500 lists and was named to Fast Company’s World’s Most Innovative Companies for 2020.
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