Oversubscribed Series A Round Fuels Spare's Mobility Platform

Spare Labs, a Vancouver-based start-up that specializes in collective transportation software, recently raised $18 million in an oversubscribed Series A round.  Montreal’s Inovia Capital led the round, with participation from Kensington Capital, Nicola Wealth, and others. 

Spare utilizes data-driven transit planning to provide commuters with access to on-demand, multi-modal transportation options within one app. As explained by co-founder Vik Hansen, Spare’s software enables “riders to seamlessly transition from an on-demand shuttle to a fixed-route rapid bus to a pooled ride-sharing via one ecosystem…”

In particular, Spare’s transportation-as-a-service (TaaS) platform provides public and private transportation providers, which include local transit agencies and ride-hailing companies, with analytics dashboards and a customer relationship management hub to coordinate on-demand mobility services. In some cities, the TaaS platform allows transit agencies to reroute buses in real-time. 

The COVID-19 pandemic has disrupted transit systems globally, and Spare is looking to take advantage of the opportunity to reimagine the way people move from point A to point B. As Hansen said, “COVID-19 really taught us that the scheduled, fixed-route transit model isn’t always the answer. […] Looking towards the future, our operating system will bring a lot of flexibility to the shared mobility landscape, which is good for riders, providers, and the planet.”

Spare has stated that the funding will allow the company to further develop its mobility operating system and greatly expand its workforce.  Ultimately, Spare hopes to encourage better cooperation between different transportation providers, increase access to cost-efficient shared rides, and encourage collective transportation. 

Author: Luke Devine, 2021/2022 Articling Student-at-law