Maven Capital Partners has completed a follow-on investment of £1.25m in carpool and on-demand transport technology business Liftango.
The company - which has its UK operation based in Edinburgh - recently signed a five-year contract with Transport for West Midlands and National Express to digitalise their existing dial-a-ride service, Ring & Ride.
Maven’s first investment in the company in December 2021, when it led a £5.5m funding round.
The latest round includes £1.25m from the Maven VCTs, a further £1.25m from co-investment partner Scottish Enterprise, and a significant - but undisclosed - investment from other existing investors.
This new money should allow Liftango to accelerate its international growth, particularly in emerging markets, as well as broaden its offering to existing regions and clients.
Its transport platform allows operators, employers and other large organisations to plan, launch and scale shared mobility projects. The core shared mobility products include carpooling, fixed-route shuttle transit and on-demand buses.
Kevin Orr, chief executive at Liftango, said: “Globally, we are seeing corporates and government entities introduce our sustainable transport solutions that align with their sustainability strategies.
“We are delighted to have continued support from Maven and our other investors to accelerate both our global growth and ESG impact.”
Martin McLaren, partner at Maven, added: “Following our initial investment, Liftango has achieved notable commercial traction, helping transport operators modernise services to improve efficiencies.
“With this significant investment, we are glad to once again showcase our commitment to nurturing and investing in pioneering businesses and to support the team at Liftango in capitalising on the significant global growth opportunities in sustainable transport.”
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