SHARE Mobility Closes $12M Series A Round to Bring Mobility-as-a-Service to Enterprise Companies Across the U.S.
Funding will support company's overall growth and expansion plans, while addressing workforce and transportation challenges
COLUMBUS, Ohio, June 21, 2022 (Newswire.com) - SHARE Mobility, the leading provider of turnkey mobility-as-a-service for enterprise employers, announces the completion of a $12 million Series A funding round led by Iron Gate Capital and Renewal Funds. Employment Technology Fund, JobsOhio, Seamless Capital, TrendForward Capital, and Venn Ventures also participated in the round with existing investors Jumpstart, LOUD Capital, JMAC, and SustainVC.
SHARE Mobility offers the leading mobility-as-a-service platform empowering enterprise companies to seamlessly implement a new transportation program or optimize an existing one. Demand for the solution has been increasing as employers deal with a record number of open jobs and employees face rising costs of personal transportation.
"Making commuter benefits as common as healthcare will address one of the biggest problems in the economy right now - getting people back to work," said Ryan McManus, CEO of SHARE Mobility. "Coming out of the pandemic, we found an untapped opportunity to support companies across the U.S. with a transportation solution. This latest round of funding reinforces our market-leading position and will permit us to bring our mobility-as-a-service software to the 85% of U.S. companies that have never been able to address their employees' needs for transportation."
By offering reliable transportation to work, SHARE Mobility riders save an average of $5,000 per year on commuting. SHARE has expanded rapidly to 11 states and customers who are collectively planning to add over 100 additional locations this year. Further, SHARE Mobility is partnering with public transit agencies to provide safe and reliable transportation for commuters going to businesses that are poorly served by existing transit routes.
"Enterprise-scale employers are struggling to find talented employees, especially in areas with limited transportation options. SHARE's data-driven routing platform and commuter analysis tools enable employers to find and retain employees by providing safe, reliable, and professional transportation. Employees are no longer limited by public transit or expensive alternatives," said AJ Dye, Partner, Iron Gate Capital. "We're thrilled to be working with the talented team at SHARE Mobility to raise the bar for employee transportation."
"We've been super impressed with SHARE's explosive growth and the vision and tenacity of their team," said Geordan Hankinson of Renewal Funds. "SHARE solves a key pain point for employers, reduces car dependence, and helps solve a persistent challenge for public transit agencies - moving people from urban centers to jobs outside the city core. The company's social and environmental mission is a perfect fit for our fund, and we couldn't be more excited to work with Ryan and the team."
For more information about SHARE Mobility, please visit https://sharemobility.com/.
ABOUT SHARE MOBILITY
SHARE Mobility is a technology company based in Columbus, OH, that is bringing mobility-as-a-service to enterprise companies. Designed for commuters, SHARE Mobility began mobility-as-a-service operations in 2017 and has traveled over two million miles to get people to work. Leveraging this data, the company built its platform to transform the way employees commute by providing efficient and reliable transportation that meets the requirements of global enterprise companies.
ABOUT IRON GATE CAPITAL
Iron Gate is a nationally recognized deal-by-deal private equity firm formed in 2005 by operators for operators. Today we serve over 65 families—primarily 1st generation wealth of successful founders, CEOs and senior executives. They choose Iron Gate to select and manage their direct investments in market-leading, "early growth" technology companies, as well as unique real estate and energy opportunities. For more information, please visit www.irongatecapital.com.
ABOUT RENEWAL FUNDS
Renewal Funds is a mission-driven venture capital firm investing in early-stage environmental technology and sustainable consumer goods companies in Canada and the U.S. Adding value for entrepreneurs through capital, networks, and expertise, Renewal Funds delivers above-market returns for partners while catalyzing positive social and environmental change. For more information, please visit www.renewalfunds.com.
Source: SHARE Mobility