GlobeSherpa Announces $1.3 Million Series B Funding

Capital Investment led by The Oregon Angel Fund will Accelerate GlobeSherpa's Business and Technology Development for National and International Markets

Mar 05, 2013, 09:00 ET from GlobeSherpa

PORTLAND, Ore., March 5, 2013 /PRNewswire/ -- GlobeSherpa, provider of secure mobile ticketing and payments software, today announced it has raised $1.3 Million in Series B capital funding led by The Oregon Angel Fund. The investment will be used to support the company's go-to-market strategy and accelerate expansion into national and international markets.

"Mobile ticketing is a fast-growing emerging market and we believe GlobeSherpa has the right team and technology to be a leader," said Scott Grout, a member of the Oregon Angel Fund who led the group's due diligence effort and who will join GlobeSherpa's board. "We spoke with many transit agencies around the country and they are all anxious to see a well-designed, easy-to-use ticketing solution like GlobeSherpa's."

GlobeSherpa's technology allows consumers to purchase transit tickets directly from their phone so they can skip the ticket machine and just hop on the bus or train. The solution also allows riders to check schedules, receive alerts, plan their trip and get local deals with retailers. The company's offering includes an inspector application that allows fare inspectors to check for valid tickets and a back-office management tool called TOMS™ – Ticket Operations Management System – that allows transit analysts to set ticket pricing, rules, and appearance for their tickets in real-time.  GlobeSherpa's technology reduces the cost of fare collection, helps optimize fleet operations, and improves the rider experience.

"Transit authorities across the country and around the world are embracing mobile ticketing and payment solutions at an increasingly rapid pace because they recognize the value this technology brings to their ridership," said Nat Parker, CEO of GlobeSherpa. "By providing an easy-to-use mobile ticketing platform for transit systems, GlobeSherpa is uniquely positioned to deliver mobile fare collection with minimal infrastructure investment."

GlobeSherpa is currently testing its platform with TriMet, Oregon's largest provider of bus, light rail and commuter rail transit services. TriMet is expected to rollout their mobile ticketing offering to all riders in Summer 2013.

About GlobeSherpa
GlobeSherpa provides a secure, mobile ticketing platform for transit systems interested in moving to open payments, open data, and mobile fare collection with minimal infrastructure investment. GlobeSherpa is using that same technology to create easy-to-use mobile ticketing systems for parking, events, and local destinations.

SOURCE GlobeSherpa