Passport gains $8 million in funding round
Mobile technology company Passport recently announced that it has gained $8 million in its Series B round of funding. Passport offers a mobile payments software solution for parking and transportation customers, according to a press release.
Passport's solution integrates mobile payments, enforcement and permits with parking and transportation systems. The company has deployed its software in large metropolitan areas such as Chicago, Toronto, Boston, Detroit and Cincinnati.
"Passport has grown substantially since its initial round of funding," said Don Rainey, general partner of Grotech Ventures. "It's not often that companies at this stage reach positive cash flow in such a short period of time and Passport is set to get there this year. This new infusion of capital will allow Passport to gain additional market share and provide innovative solutions to real-world problems faced by community stakeholders."