HIG Growth Partners (HIG), the growth capital investment affiliate of HIG Capital, has invested in the Series D growth financing for Passport Labs, a mobility management platform.
Founded in 2010 and based in Charlotte, North Carolina, Passport serves nearly 1,000 clients worldwide, helping them solve mobility challenges with solutions for parking, enforcement, permits, transit, and micro-mobility. Passport processes more than 100 million curbside transactions each year, resulting in more than USD1.5 billion processed to date. The Company’s suite of solutions enables cities to take control of the curb, optimise mobility and create an interface between cities’ infrastructure and vehicles.
Passport’s USD65 million Series D financing round cements it as a market leader and one of the most highly capitalised government technology companies. With the new capital, Passport will grow its mobility software platform and expand its ecosystem to enable digital parking payments outside of traditional parking apps. In the coming months, Passport will be onboarding and announcing significant partnerships that will leverage its platform to facilitate parking payments.
“In the future, almost everyone in the world will live in a city, so there’s no challenge more important to work on than how people move throughout communities and transact with cities,” ssaysaid Bob Youakim, Passport co-founder and CEO. “We envision a world where mobility is seamless. To bring this vision to life, we are creating an open ecosystem where any entity – a connected or autonomous vehicle, a mapping app, or a parking app – can leverage our transactional infrastructure to facilitate digital parking payments.”
“Passport is uniquely positioned to transform urban mobility and how cities interact with their residents,” said Scott Hilleboe, managing director at HIG Growth Partners. “We believe Passport’s technology platform at the epicentre of mobility, payments, and smart cities will enable the Company to be a leader in the digitaliaation of our cities. We are excited about our opportunity to support the Company as it continues its significant growth.”
