Passport Raises $90M in Growth Capital with Sixth Street Growth
Transportation software and payments company, Passport, plans for expansion of digital platform with latest funding
CHARLOTTE, N.C, May 20, 2021 /PRNewswire/ -- Passport, a transportation software and payments company, has secured $90M in growth capital from Sixth Street Growth, the growth platform of Sixth Street, a leading global investment firm. The investment follows Passport's $65M Series D funding at the end of 2019 and brings the total capital raised by the company to more than $200M.
"Sixth Street's support of Passport is a testament to our vision of creating equitable solutions for more efficient streets and sidewalks," said David Evans, Passport CEO. "This investment provides us with the financial footing to continue developing the technology our clients need to manage their complex mobility ecosystems — both now and in the future."
As cities reopen in the wake of the pandemic they are managing conflicting demands on the use of their curbs. Passport plans to leverage this latest funding to further improve the company's digital platform infrastructure to help cities maximize the use of curb space in a way that is safe, equitable and creates positive community engagement.
"Passport enables cities to replace capital-intensive physical installations with effective, easy-to-use mobile technology solutions and we are pleased to partner with them as they continue to transform urban mobility," said Bo Stanley, Partner and Co-Head of Sixth Street Growth. "David and the Passport management team have a proven track record of technology development and are growing their platform to become the central management system of record for cities to manage mobility payments."
More than 1000 municipalities in North America trust Passport's digital platform as its only end-to-end operating system for managing mobile pay parking, parking enforcement, digital permitting and micro-mobility. To learn more about how Passport supports cities' mobility infrastructure, visit the company website.
About Passport
Passport is a transportation software and payments company that builds technology for more efficient streets and sidewalks. Based in Charlotte, North Carolina, Passport is trusted by more than 1,000 cities, universities and agencies, including Chicago, Toronto, Los Angeles, and Miami. Passport's digital platform helps cities manage parking and mobility infrastructure, creating more livable, equitable communities. One of the fastest-growing companies on the Inc. 5000 and Deloitte Technology Fast 500 lists, Passport was also named to Fast Company's World's Most Innovative Companies for 2020.
About Sixth Street
Sixth Street is a global investment firm with over $50 billion in assets under management and committed capital. Sixth Street Growth is the firm's dedicated platform for making private investments in growth companies. The Sixth Street Growth team partners with companies and management teams to provide bespoke, accretive financing solutions to accelerate organic and inorganic growth. Sixth Street has invested over $5 billion in more than 40 companies in its growth investing strategy since inception. Select current and past representative Sixth Street Growth investments include Airbnb, AvidXchange, AvePoint, Gainsight, and MDLive. For more information, visit www.sixthstreetgrowth.com or follow us on LinkedIn.
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SOURCE Passport
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