Published: Jan 10, 2022
Focus: Growth Capital
Liftango’s technology centres around its three core products, on-demand bus (ODB), fixed-route shuttles and carpool. The ODB and fixed-route cloud-based platform allows public and corporate transport operators to manage their services on a single platform. This unique offering is a first for fleet operators and provides their passengers with a more personalised service whilst optimising vehicle scheduling and routing to improve fleet efficiency.
Additionally, Liftango’s carpool platform helps larger employers and academic institutions to internally match drivers and passengers in real-time to minimise their carbon footprint, reduce parking congestion and create a safe and convenient shared transport experience to and from offices or campuses.
The transaction includes a £1.75 million investment from the Maven VCTs with follow-on funding from Liftango’s existing investors, which include Transdev, Taronga Ventures and GUD. Scottish Enterprise are also new investors in this round.
The funding enables Liftango to reinforce its position as one of only a small number of established global DRT providers, offering innovative solutions for both public and private sector organisations to create more efficient, cost-effective and environmentally friendly transport provisions. Liftango has already won major contracts with blue chip clients including Ikea, Tesla and Unilever.
The DRT market is expected to increase by 50% annually until 2030, offering significant growth opportunities for Liftango. This investment will help the business take advantage of the commercial opportunities in the transport sector, by recruiting several key sales and marketing staff as it looks to scale its operations in Europe and across North America.
“Maven is delighted to be backing Liftango through its next phase of growth. We are seeing a notable shift towards DRT solutions as organisations across the world seek to address parking, congestion, zoning and environmental issues attributed to transport. Liftango’s platform offers clients a compelling proposition to tackle these problems head on. We look forward to supporting the team as they set out to capitalise on the positive market dynamics for this innovative technology."
Martin McLaren, Investment Director at Maven
“We see a fundamental shift toward more sustainable modes of transport in both the public and corporate transit sectors. Our technology platform helps cities and organisations provide more convenient and reliable passenger trips and reduce their spending on costly parking infrastructure. The investment by Maven Capital enables Liftango to continue providing equitable and environmentally conscious transport to those that need it most.”
Kevin Orr, CEO at Liftango