Netlift Social Transportation Inc. has raised $3.2 million in funding from Investissement Québec (IQ), Fonds InnovExport, Real Ventures, and Netlift’s existing shareholders.
Seed funded by BDC Capital, Netlift raised $1.3 million in June 2016 from investors and strategic partners including Sustainable Development Technology Canada (SDTC), Cycle Capital and angel investors.
New funds will enable Netlift to accelerate full-scale commercialization of its mobile solution for planned transportation. Montréal will be the first city in which the new business model will be rolled out.
“The digital economy requires innovation and optimization of practices in all industry segments, including the transportation sector,” noted Dominique Anglade, Québec Deputy Premier, Minister of Economy, Science and Innovation, and Minister Responsible for the Digital Strategy. “Our government is therefore proud to support Netlift in its development and commercialization of this innovative mobility platform, which is undeniably helping to advance the digital revolution in Québec.”
“In our opinion, Netlift is one of the few companies that are poised to truly revolutionize the market for personal transportation,” said Richard Bordeleau, President, Fonds InnovExport. “Its target market is colossal, and it has a real opportunity to conquer it. We believe in the development potential of Netlift and we intend to support its growth.”
Sylvain Carle, Partner, Real Ventures, added: “Transportation is a sector that poses massive challenges, so the opportunities in that market are just as massive. Netlift delivers an innovative solution that effectively addresses the fundamental mobility issues affecting the world’s large cities.”
Founded in 2012, Netlift develops a planned transportation application, the only one of its kind in the world, incorporating carpooling and taxi travel as part of a simple, guaranteed and efficient mobility solution. Accessible on the Web and on smartphones, Netlift matches passengers with drivers willing to share available seats in their vehicle at a cost of a few dollars per trip, to commute to work or simply to get around.
photo credit: Netlift