Charlotte startup Passport lands $8 million funding round

Charlotte startup Passport lands $8 million funding round
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Passport — which helps cities, universities and companies manage parking — just landed $8 million in Series B funding.

This brings their total funding to $17 million, the company announced. This round was led by MK Capital with more money from existing investors Grotech Ventures and Relevance Capital. MK Capital will grab a board seat.

Passport’s bread and butter is in mobile payment for parking and transit. The company was founded in 2010, with Bob Youakim, a former Wells Fargo investment banker, as a cofounder. He’s the CEO.

passport-parking-app

Image via Passport

The money will drop a brick on the growth accelerator.

The $8 million will be used to expand into more U.S. and international markets. They’re at 250 markets (including Chicago, Toronto, Boston, Detroit, Cincinnati, Sacramento, and Salt Lake City) and 2 million end users but have a lot of room to grow.

This new infusion of capital will allow Passport to gain additional market share and provide innovative solutions to real-world problems faced by community stakeholders,” Don Rainey, general partner of Grotech Ventures, said in a statement.

Passport is also set to cross into cash flow positive territory this year.

They’re hiring in Charlotte, big time.

Key job positions are in software engineering, sales, customer support, UX/UI design and project management. View all 8 open jobs, right now.

Image via Passport

Image via Passport

Cover image via Passport

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