Velocia Secures $2.5 Million from WindSail Capital to Accelerate Growth of its Mobility Rewards Platform
02 Aug, 2022, 12:49 ET
TORONTO, Aug. 2, 2022 /PRNewswire/ - Velocia, a Toronto-based software-as-a-service (SaaS) provider for a mobility rewards platform, has raised $2.5 million in growth capital from WindSail Capital Group, a Boston-based investment firm focused on energy innovation and sustainability.
"We are thrilled to have partnered with WindSail Capital for this next stage of our company's journey. With WindSail beside us, Velocia is well-positioned to grow and provide transit agencies, DOTs and mobility service providers with a rewards platform that drives ridership and customer engagement," said David Winterstein, CEO of Velocia.
Velocia has been operating in Miami-Dade County, working with transit and mobility-as-a-service (MaaS) partners since 2019. Last year, Velocia started a new partnership with Bytemark, a leading payment and fare software provider, to support the Transit Go Rewards platform with the Seattle Department of Transportation and King County Metro.
"Velocia has provided the perfect rewards partner to complement our Bytemark Bridge™ mobility-as-a-service (MaaS) platform," said Greg Valyer, VP of Strategic Partnerships at Bytemark. "We are excited about expanding our successful program in Seattle and offering Rewards that both support the return of ridership and promote multi-modal behaviours to our clients across the US and Canada."
WindSail Capital Group joins existing investors, including Toyota Tsusho Canada and Techstars Ventures Fund.
"David and the team at Velocia have a tremendous vision to support transit agencies and drive adoption for its mobility rewards solution throughout North America," said Matthew O'Rourke, Principal at WindSail Capital Group. "Given the current economic and transportation climate, we see a clear value proposition for transit agencies, mobility providers and their riders. We are incredibly excited to partner with Velocia to help support its growth."
About Velocia: Velocia is a SaaS mobility rewards platform designed to incentivize and reward people for their daily commutes. Velocia uses rewards to encourage people to get out of single-occupant vehicles and into any other form of transit – both public and MaaS – with a mission to improve the way people get around in their cities. Velocia has experience working with public transit agencies, MaaS operators and municipalities. For more information, please visit www.velocia.io
About WindSail Capital Group: WindSail Capital Group is a Boston-based investment firm that provides growth capital to early-stage commercial businesses advancing energy innovation and sustainability. WindSail's unique approach offers companies creative capital solutions that meet their specific needs while facilitating growth and minimizing dilution. For more information, please visit www.windsailcapital.com
For further information: Nate Hough, [email protected]
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