The mobility management platform, Passport, has announced that it has raised $65 million in its Series D round of funding. New investors ThornTree Capital Partners, Rho Capital Partners and H.I.G Growth Partners participated in the round along with the existing investors including Bain Capital Ventures, Grotech Ventures, Relevance Capital, and MK Capital.
Passport has raised a total of $125 million in funding till date. The fresh funding is going to help the Charlotte company invest more in its mobility software platform and will help it grow its mobility ecosystem to “enable digital parking payments outside of traditional parking apps.”
The company is looking to revolutionize the parking industry to help cities optimize mobility and create a great interface between a city’s infrastructure and vehicles. The company has also announced that it will be onboarding new partners to leverage its APIs to facilitate parking payments.
“Over the past decade, Passport has cemented itself as a leader in mobility technology and municipal payments,” said Habib Kairouz, managing partner at Rho Capital Partners. “We see great potential in what the company can achieve in the next ten years as it facilitates partnerships that will further improve how people move around cities.”