PassportParking Raises $6M

January, 2014

PassportParking, announced it has raised a $6 million in Series A funding co-led by Grotech Ventures and Relevance Capital with participation from a consortium of angel investors. Led by its flagship mobile payment solution, Passport provides municipalities, universities and private parking operators with a cloud-based platform that helps streamline the parking management process leading to efficiency and revenue gains for clients.

“Passport has achieved considerable traction by making a dramatic improvement on what already exists in the marketplace, and it is addressing a market of considerable size,” said Don Rainey, general partner, Grotech Ventures. “They are a model of the kind of innovative company we look to get in with on the ground floor.”

“Our partnership with Grotech Ventures couldn’t have come at a better time. Passport’s strategic positioning and superior technology have set the company up for success in the transportation industry, and our new partners bring the expertise and network to help us grow the business locally and globally”, said Charlie Youakim, Passport Co-Founder.