Passport Inc., a Charlotte based startup which offers an enterprise software platform for parking and transportation customers, raised $8 million in a Series B round of funding .
MK Capital led the investment in Passport, joined by Grotech Ventures and Relevance Capital. The new round brings Passport’s total capital raised to $17 million.
Passport Inc provides the cloud-based software behind city transit and parking apps including: ParkBoston, ParkChicago, Toronto’s Green P Parking app, GoTuscon, and others across the U.S. and in Canada.
On the back-end, the apps help city offices and employees share real-time data about what’s happening within their various transit and parking systems, and make decisions about where to dedicate more law enforcement, other personnel, money and resources.
According to CEO Bob Youakim, the startup was cashflow positive before raising the Series B round.
Bob Youakim is the CEO and co-founder of Charlotte-based Passport.
more can be read at http://www.bizjournals.com/charlotte/blog/techflash/2016/05/local-startup-passport-secures-8-million-in-new.html