TransLoc has announced that it has completed an $8 million Series A round of financing. The round was co-led by SJF Ventures and Fontinalis Partners, with additional investments from Marc Benioff’s Efficient Capacity fund, Thomas McMurray and Patient Capital Collaborative (PCC), an impact fund affiliated with Investors’ Circle. The company will use the funds to accelerate growth and continue solving the biggest problems in transit with great technology.
TransLoc is a provider of transit technology to over 140 municipal transit agencies and universities throughout the U.S. The company offers a host of innovative transit technology solutions including TransLoc Rider, the first mobile app to fully integrate transit with other mobility options such as Uber. Rider simplifies multi-modality and takes a huge step toward solving the first-mile/last-mile problem with an intelligent journey planner and a single interface to automatically book travel. TransLoc’s other software products include RealTime, which provides up-to-the second vehicle location information and reporting, Traveler, which provides granular insight into passenger flow information for agency planning and communication, and OnDemand, which allows agencies to offer ‘Uber-like’ demand-response services.
“TransLoc is perfectly positioned to take advantage of the changing mobility trends and the new transit landscape. We’re bringing transit together with other transportation options in a way that benefits both passengers and agencies,” said Doug Kaufman, CEO of TransLoc. “The products we’ve built, the team we’ve put together, and market trends make this the perfect time to pour gas on the fire and accelerate our efforts across the board.”
Dave Kirkpatrick and Christine Primmer led SJF Ventures’ investment in TransLoc. They said, “While we have spoken with dozens of early-stage transportation tech companies, we were thrilled to find the market leader right here in Durham! Their technology is making public transit and multi-modal transportation an efficient reality for more and more commuters and agencies across the country.”
William C. Ford, Jr. (Bill Ford), co-founder of Fontinalis Partners, a venture capital firm focused on investing in next-generation mobility commented, “We founded Fontinalis Partners to invest in companies whose technologies have meaningful impacts on mobility. TransLoc is helping to improve the multi-modal experience for riders while also bringing further efficiencies to transit agencies.” Additionally, Chris Stallman, a principal at Fontinalis Partners, is joining the TransLoc Board of Directors with this financing.
