Charlotte-based Passport Closes $65M Series D For Mobile Payment Platform

In October, North Carolina got a new unicorn in Pendo, a Raleigh-based cloud tech startup that raised a $100 million Series E.

Today, Passport, a Charlotte-based mobility management platform, has closed a $65M Series D funding round.

New investors Rho Capital Partners, H.I.G. Growth Partners and ThornTree Capital Partners participated in the financing, bringing the company’s total raised capital to $125 million since it was founded in 2010.

Bob Youakim, Passport CEO and co-founder, said his company was initially formed as a mobile-based payment platform to allow municipalities to directly connect with their customers “to process mobile parking transactions and make parking operations smoother.”

Passport plans to use the new capital to further invest in its mobility platform, with the goal of enabling cities “to manage a complex mobility ecosystem from a single hub.”

At that time, we found that venture funding in NC startups was up 154 percent to $2.57 billion for the year compared to $1.01 billion in all of 2017, according to Crunchbase data.

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