Passport, a transportation tech startup focused on parking, has pulled in a $90 million investment from a single firm.
Sixth Street Growth has put up the capital for Passport, which has now raised about $200 million in a span of less than four years. The company has been rapidly taking on new clients, growing from 450 customers at the end of 2017 to more than 1,000 today.
The company has long had parking at its core, offering local government a way to charge for curb use through a mobile app. But as it has raked in investments and acquired other companies, it’s expanded into digital parking permits and micromobility as well.
“Passport enables cities to replace capital-intensive physical installations with effective, easy-to-use mobile technology solutions, and we are pleased to partner with them as they continue to transform urban mobility,” said Bo Stanley, co-head of Sixth Street Growth, in a statement.