H.I.G. Growth Partners Invests in Passport Labs
BOSTON – December 16, 2019 – H.I.G. Growth Partners (“H.I.G.”), the dedicated growth capital investment affiliate of H.I.G. Capital, is pleased to announce that it has invested in the Series D growth financing for Passport Labs, Inc. (“Passport” or the “Company”), a leading mobility management platform.
Founded in 2010 and based in Charlotte, North Carolina, Passport serves nearly 1,000 clients worldwide, helping them solve mobility challenges with solutions for parking, enforcement, permits, transit, and micro-mobility. Passport processes more than 100 million curbside transactions each year, resulting in more than $1.5 billion processed to date. The Company’s suite of solutions enables cities to take control of the curb, optimize mobility and create an interface between cities’ infrastructure and vehicles.
Passport’s $65 million Series D financing round cements it as a market leader and one of the most highly capitalized government technology companies. With the new capital, Passport will grow its mobility software platform and expand its ecosystem to enable digital parking payments outside of traditional parking apps. In the coming months, Passport will be onboarding and announcing significant partnerships that will leverage its platform to facilitate parking payments.
“In the future, almost everyone in the world will live in a city, so there’s no challenge more important to work on than how people move throughout communities and transact with cities,” said Bob Youakim, Passport co-founder and CEO. “We envision a world where mobility is seamless. To bring this vision to life, we are creating an open ecosystem where any entity – a connected or autonomous vehicle, a mapping app, or a parking app – can leverage our transactional infrastructure to facilitate digital parking payments.”
“Passport is uniquely positioned to transform urban mobility and how cities interact with their residents,” said Scott Hilleboe, managing director at H.I.G. Growth Partners. “We believe Passport’s technology platform at the epicenter of mobility, payments, and smart cities will enable the Company to be a leader in the digitization of our cities. We are excited about our opportunity to support the Company as it continues its significant growth.”
Passport is transforming mobility management for cities, empowering them to create more livable and equitable communities. Passport’s mobility platform enables clients to digitally coordinate all modes of transportation and implement real-time, data-centric management of their curbside and street space through its enterprise software. Trusted by nearly 1,000 cities, universities and agencies, including Chicago, Toronto, London, Los Angeles, and Miami, Passport is one of the fastest growing companies on the Inc. 500 and Deloitte Technology Fast 500 lists. Passport is backed by Rho Capital Partners, H.I.G. Growth Partners, ThornTree Capital Partners, Bain Capital Ventures, Grotech Ventures, MK Capital, and Relevance Capital. For more information, visit passportinc.com.
About H.I.G. Growth Partners
H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global private equity investment firm with $35 billion of equity capital under management.* H.I.G. Growth seeks to make both majority and minority investments in strong, growth-oriented businesses located throughout North America, Europe and Latin America. H.I.G. Growth Partners considers investments across all industries but focuses on certain high-growth sectors where it has extensive in-house expertise such as technology, healthcare, internet and media, consumer products and technology-enabled financial and business services. H.I.G. Growth strives to work closely with its management teams to serve as an experienced resource, providing broad-based strategic, operational, recruiting, and financial management services from a vast in-house team and a substantial network of third-party relationships. For more information, please refer to the H.I.G. website at www.HIGgrowth.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.