Spare is a technology company.
Spare is a mobility operations platform that empowers agencies to deliver modern paratransit and microtransit services, ensuring every rider has the freedom to move and connect.
Spare has raised $49.0M across 2 funding rounds.
Spare has raised $49.0M in total across 2 funding rounds.
Spare has raised $49.0M in total across 2 funding rounds.
Spare's investors include iNovia Capital, Seguin Ventures.
Spare Labs (sparelabs.com) is a Vancouver-based technology company founded in 2015 that builds an on-demand transit platform for public transit agencies. It modernizes ADA-paratransit systems and enables microtransit services, serving underserved riders—30% with disabilities, 66% low-income—across 15 million boardings.[1][3] The platform automates day-to-day mobility operations, integrates AI for efficiency, lowers costs, and enhances rider experience with real-time tracking, easy scheduling, and seamless payments, powering over 185,000 rides monthly for clients like Dallas Area Rapid Transit (DART).[1][3]
Spare targets transit agencies in public and private sectors, solving inefficiencies in fixed-route systems by matching demand with available capacity, reducing overcrowding, and promoting sustainable transport where car ownership is optional.[1][3] Growth includes $48.8M total funding, with a recent $10M from CIBC Innovation Banking to accelerate AI-driven solutions, and $48.7M revenue.[3]
Spare Labs was founded in 2015 by university friends Kristoffer Vik Hansen, Josh Andrews, and Alexey Indeev in Vancouver.[1][3] Observing overcrowded buses while empty cars passed by, they sought tech solutions to utilize spare seats for efficient transit.[1]
A pivotal moment came at a DART hackathon, where their demand-responsive prototype won, launching DART's GoLink microtransit service—now powering 185,000 monthly rides and ADA paratransit.[1] This traction propelled Spare from a student idea to a leader in mobility software.[1][3]
(Note: Distinct from Spare in open banking [2] or industrial spare parts [4].)
Spare rides the microtransit and AI transit trend, addressing urban mobility gaps amid rising demand for sustainable, flexible transport post-pandemic.[1][3] Timing aligns with public agencies' push to cut costs amid budget strains, using AI to optimize routes and capacity—key as climate goals demand less car dependency.[1]
Market forces favor Spare: regulatory mandates for ADA compliance, urbanization, and tech adoption in public services amplify its platform.[1][3] It influences the ecosystem by enabling agencies to serve underserved groups, fostering data-driven transit evolution and partnerships like DART.[1]
Spare is poised to expand AI-enhanced microtransit amid global electrification and smart city initiatives, potentially scaling to more agencies via its $10M funding.[3] Trends like autonomous vehicles and regulatory sandboxes will shape it, evolving its role from operator tool to ecosystem enabler—driving efficient, inclusive mobility where cars are optional.[1] Investors eye its momentum in underserved transit, positioning Spare as a growth leader in public mobility tech.[3]
Spare has raised $49.0M across 2 funding rounds. Most recently, it raised $31.0M Series B in September 2024.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Sep 1, 2024 | $31.0M Series B | iNovia Capital | |
| Oct 1, 2021 | $18.0M Series A | Seguin Ventures |