# Passport Labs

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/passport-labs

- Industry: Software
- Headquarters: Charlotte, US
- Website: www.passportinc.com
- Total disclosed funding: $74M
- Latest round: Series D (Aug 27, 2019)
- Investors on record: 7

## About

Based in North Carolina, US, and founded in 2010, Passport Labs, Inc. provides cloud-based parking payment solutions. Passport Labs, Inc. was founded by Bob Youakim and Charlie Youakim. In May 2021, Passport Labs, Inc. raised USD 90 million in growth capital funding led by new investor Sixth Street Growth and as of 2021, the company’s CEO is David Evans. The company's services are used in more than 1,000 cities, universities, and agencies, including Chicago, Toronto, Los Angeles, and Miami. The company is backed by a group of investors, including Bain Capital Ventures, Grotech Ventures, MK Capital, and Relevance Capital.

Passport Labs, Inc. provides an end-to-end operating system, Passport Operating System, for cities, universities, municipalities, and private organizations to manage mobile pay parking. The company also performs parking enforcement services with real-time data, issues digital permits, and controls micro-mobility (scooter and dockless bike) operations on their curb space. The Passport Operating System also offers a mobile application called Passport Parking.

Passport Labs Inc. recently secured $90 million in funding and intends to use the funds to expand operations. The company also plans to further improve the digital platform infrastructure.

## Funding rounds

- Series D, Aug 27, 2019, $65M — Grotech Ventures, RHO, Bain Capital, MK Capital, H.I.G. Growth Partners, Relevance Ventures, ThornTree Capital Partners
- Series B, Apr 25, 2016, $6.5M — Grotech Ventures, MK Capital, Relevance Ventures
- Series A, Dec 2, 2013, $2.5M — Grotech Ventures, Relevance Ventures

## Investors

- Grotech Ventures (https://capitalatlas.ai/funds/grotech-ventures) — Series A, Series B, Series D
- Relevance Ventures (https://capitalatlas.ai/funds/relevance-ventures) — Series A, Series B, Series D
- MK Capital (https://capitalatlas.ai/funds/mk-capital) — Series B, Series D
- RHO (https://capitalatlas.ai/funds/rho) — Series D
- Bain Capital (https://capitalatlas.ai/funds/bain-capital) — Series D
- H.I.G. Growth Partners (https://capitalatlas.ai/funds/h-i-g-growth-partners) — Series D
- ThornTree Capital Partners — Series D