BAIN PARKS MONEY IN PASSPORT.
Author | Heffner, Elizabeth |
Position | STATEWIDE: Charlotte |
Enabling motorists to make mobile payments for inner-city parking has helped Charlotte-based Passport get moving since its founding in 2010. But the company's ambitions have grown dramatically, prompting a $43 million investment from private-equity firm Bain Capital Ventures. It marked one of the largest venture investments in North Carolina in 2017 and more than doubles the $17 million previously raised by Passport from Grotech Ventures, MK Capital and others. The money should allow Passport to hire 50 people this year, joining a current staff of 100.
The attraction for Bain is that Passport's software enables mobile-savvy commuters to pay for parking and bus or subway rides. Mass-transit systems in London, Los Angeles and other cities already offer the service. And Passport technology is embedded in the display systems of some new models of Ford, General Motors and other cars, with the goal to expand its service to Uber and Lyft ride-hailing businesses. The company is expanding into toll roads, having recently earned a bid to work with the Pennsylvania Turnpike Commission, Chief Revenue Officer Khristian Gutierrez says. Passport's products allow motorists to pay for tolls with mobile devices rather than fishing for cash or credit cards.
"We're really looking to simplify that [customer] experience with mobile,"...
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