Liftango Secures $10.4 Million in Growth Capital for European and North American Expansion
Global carpool, on-demand and fixed-route transit technology provider Liftango closes funding round led by UK private equity firm Maven Capital Partners.
The funding will enable Liftango to accelerate growth in key markets it currently operates in and strengthen its position as one of a few technology providers to offer multiple shared modes of transportation.
Follow-on funding from Liftango’s existing investors includes Transdev, Taronga Ventures, Artesian, and GUD Holdings. Maven Capital Partners (lead investor) and Scottish Enterprises are new to this funding round.
Liftango’s suite of services provides both public and corporate mobility solutions centred around a commitment to improving equity and access to public transport and reducing the environmental impact of corporate transport.
The funding will expand critical roles within sales and marketing, mobilisation, engineering and data science and provide Liftango with the resources to serve public and corporate transport clients across Europe and North America.
Liftango has already established key clients such as the INGKA Group (IKEA), Tesla, Nike, Amazon and Unilever.
Liftango Public Transport:
This suite of services includes transport modes such as demand-responsive transport (DRT), fixed-route and community transport. It provides fleet operators and transit agencies with a way to improve their ability to service an area more efficiently by routing a transport mode that best accommodates the passenger’s needs.
Liftango Corporate Transport:
Liftango’s corporate offering includes fixed-route shuttles, climate-positive carpooling and fully-flexible demand-responsive transport providing organisations with a straightforward way to reduce congestion caused by overcrowded car parks or align with sustainability initiatives to minimise an organisation’s carbon footprint.
Fueled by a need to reduce the carbon emissions generated from transportation and provide greater access to efficient transport, the DRT market is said to grow by 50% annually until 2030.
Kevin Orr, CEO and Co-Founder of Liftango, said,
“There is a significant opportunity for any business to provide convenient and reliable shared transport anywhere in the world. We see this investment by Maven and the current group of shareholders as a way to continue improving our technology and developing new markets where we know we can make a difference in people’s lives by improving access to transport.
Our team has worked extremely hard to put us in a position to be one of only a handful of providers to have such a broad suite of shared transport services. It not only allows us to offer the most suitable mode of transport to meet the passenger’s needs, but it also provides greater equity, giving more passengers a chance to access affordable and sustainable transport.”