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Tag: Microtransit

  • Via shrugs off tepid open to end first day of trading slightly above IPO price | TechCrunch

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    Investors took a cautious approach to transit software startup Via’s IPO on Friday, with shares opening below the company’s IPO price before recovering at end the day slightly higher. 

    The company, which initially filed confidentially for IPO in July, priced its IPO at $46 per share, raising $492.9 million. Those shares slipped to $44 when the stock began trading Friday afternoon, and then inched back into the green to finish at just over $49. The modest gain values Via at roughly $3.9 billion at the close of its first trading day.

    Via raised about $328 million in its IPO, while existing shareholders sold another $164 million worth of stock, bringing the total deal size to nearly $493 million.

    “We’re extremely pleased with the result of today’s IPO, and we think it is a testament to the value and durability of the company,” Via CEO Damiel Ramot said. “We are grateful for the feedback and support from our team, partners, and investors who made this milestone possible.” 

    Via initially launched in 2012 by deploying Via-branded shuttles that users could hail. Over time, Via improved its on-demand routing algorithm, which uses real-time data to route microtransit shuttles to where they’re needed most. Now, that tech is its core business, which it sells to 689 cities and transit agencies to power their microtransit.

    Ramot told TechCrunch the company would use the proceeds to invest in growth, sales, and marketing. And maybe even an acquisition, in the future.

    “We’re not necessarily looking to raise funds to drive operations,” Ramot said. “There may be an opportunity for us to use the proceeds and the currency of a public stock to make some interesting acquisitions like we did with Remix and CityMapper.”

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    Via acquired Remix for bus planning in 2021, and CityMapper for journey planning in 2023. Ramot said he’s open to other complementary acquisitions, rather than acquisitions to gain market share. 

    Via revenue has increased roughly 30% year-over-year. The company told TechCrunch that it expects to earn around $429 million in revenue in 2025, a projection based on its quarterly revenue times four.

    Via closed the first six months of 2025 with $205.7 million in revenue. But the company is still in the red, though that loss is shrinking. The first six months of 2025 ended at a loss of $37.5 million, down from $50.4 million the previous year.

    Ramot said Via is close to profitability, but declined to give specific projections.

    The executive says Via’s growth is proof that government customers can sustain a lucrative business. 

    “Most tech companies going public are not very focused on this sector, on helping local government,” he said, adding that the technology Via provides mainly benefits riders of microtransit and paratransit systems, the people who rely on buses to get around. 

    “Low income people, people with disabilities, students – those are the demographics that we typically support,” he said. “It’s really nice to see investors actually support that.”

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    Rebecca Bellan

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  • Orlando launches new Ride DTO electric shuttle service downtown

    Orlando launches new Ride DTO electric shuttle service downtown

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    click to enlarge

    photo courtesy City of Orlando

    Electric vehicle shuttle service Ride DTO launches in Orlando, Florida.

    The city of Orlando launched a new on-demand electric vehicle shuttle service Monday, serving parties of up to five passengers on one of its five new vehicles for just $1 a ride.

    The new service, dubbed Ride DTO, comes as a result of an agreement reached between the city and eco-friendly micro-transit company Circuit earlier this year. You can access the service by downloading its mobile app for Apple and Android users.

    “While working with a number of businesses and residents in downtown, it became fairly clear that needed to increase our mobility options within downtown Orlando to help people both get around to their ultimate destination, but also to patronize the businesses that we have, you know, in various different districts throughout downtown,” Downtown Community Redevelopment Area executive director David Barilla told city leaders in June ahead of the program’s final approval.

    The shuttle service is available for passengers to request pick-up and drop-off within the downtown CRA, which runs from West Gore Street up through the Central Business District to Lake Ivanhoe. Destinations available through the service area include parts of the Thornton Park neighborhood, Parramore (including the Inter & Co Stadium), Lake Eola Heights, and all of the popular attractions located in the downtown core, from the Dr. Phillips Center for the Performing Arts to Sak Comedy Lab and the Kia Center just west of I-4.

    The fully electric vehicles, pitched as a modest way to efficiently reduce vehicle emissions and traffic congestion, will operate all seven days of the week from 8 a.m. to 8 p.m. according to the city. Rides are considered on-demand, meaning you cannot book or schedule them ahead of time. A goal of the program is to help local workers and residents get around the downtown area in a convenient fashion, building on existing rental bike and scooter programs also available for those making short trips.

    The city’s agreement with Circuit allocated about $600,000 for an initial one-year term for the program, according to city documents, with the opportunity for city officials to approve two one-year extensions after. The contract allows that, if the agreement is renewed, the contract would allow for an “annual adjustment” and a 3 percent cost increase over the prior year.

    Circuit, a company founded in New York in 2011, has been operating in South Florida for more than 10 years. They have similar shuttle programs operating in West Palm Beach (where most rides are free), Fort Lauderdale and more than 40 other locations in states across the country, from California to Texas to Massachusetts.

    As an incentive to try it for yourself, the city announced that new passengers can ride their first three trips with Ride DTO free. Just use the code RIDEDTO.

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    McKenna Schueler

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  • Spare and Uber Partner to Enhance Public Transit

    Spare and Uber Partner to Enhance Public Transit

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    VANCOUVER, British Columbia, June 1, 2023 (Newswire.com)
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    Spare and Uber, industry leaders in transportation, announce a transformative partnership that integrates Spare’s cloud-based on-demand transit platform with Uber’s extensive driver network. This collaboration empowers transit agencies to enhance microtransit and paratransit services using Uber’s network. Large-scale deployments have already been successfully launched in Pinellas Suncoast Transit Authority (PSTA) and Dallas Area Rapid Transit (DART), proving the effectiveness of this partnership. 

    “This is a significant milestone in our mission to make transportation more accessible,” Spare’s CEO, Kristoffer Vik Hansen, said. “Our partnership with Uber has made it possible for more people to access public transportation services. We’re thrilled to see the positive impact our combined efforts have had at PSTA and DART.”

    The incorporation of Uber into Spare’s platform, facilitated by Spare Open Fleets™ technology, provides transit agencies with real-time monitoring capabilities and a single view of their entire fleet. The industry-leading partnership will provide transit agencies with the flexibility to effectively and efficiently handle both peak and traditionally challenging off-peak hours, marking a significant advancement in transit services.

    “Together, Uber and Spare are driving change and helping to shape a more accessible future for all riders,” General Manager of Uber Transit, Jen Shepherd, said. “Our collaboration with Spare has already achieved substantial results. PSTA has further strengthened its command of paratransit operations, while DART has significantly expanded its microtransit capacity.”

    At PSTA, the partnership has enabled the launch of the PSTA Mobility on Demand (MOD) service within the Spare platform. With PSTA MOD, ADA-eligible riders can now book on-demand rides whenever and wherever they need them. 

    “We are changing people’s lives by providing them with greater mobility and independence. This collaboration has introduced a new dynamism to our transit services,” says Brad Miller, CEO of PSTA. “Leveraging Uber’s network and Spare’s groundbreaking platform has enabled us to provide more convenient and flexible transportation options for our riders.”

    At DART, the partnership has provided them with the capacity to significantly expand the operational hours of its award-winning on-demand microtransit service, GoLink. Now, GoLink is available from 5 a.m. to midnight, seven days a week, in over 30 zones, delivering over 2,000 rides per day.  

    “Our partnership with Uber and Spare has proven to be a game-changer for the agency’s continued efforts to increase microtransit service across North Texas,” said Nadine Lee, President & CEO of DART. “We’ve witnessed firsthand the increased capacity and effectiveness of our GoLink service. The synergy between these two great companies offers a promising glimpse into future opportunities for public transportation agencies.”

    By integrating Uber into their services through Spare, transit agencies can significantly reduce operational costs. This strategic move eliminates the need for hefty investments in additional fleets to increase capacity, thereby delivering more cost-effective transportation solutions. The Spare-Uber partnership effectively optimizes resource utilization while ensuring transit agencies can meet the rising demand for services.

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    About Spare 

    At Spare, our mission is to make every ride possible. We empower transit agencies to launch microtransit and modernize ADA paratransit services, optimizing operations and enhancing rider experiences. Spare Open Fleets™ integrates any bookable fleet into on-demand transit services for flexible capacity without capital-intensive vehicle investments. With hundreds of services powered worldwide, we are shaping the future of mobility-one ride at a time. 

    About Uber

    Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 39 billion trips later, we’re building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.

    Source: Spare

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  • RideCo Awarded Contract by Los Angeles Metro to Launch World’s Largest Public Microtransit Service

    RideCo Awarded Contract by Los Angeles Metro to Launch World’s Largest Public Microtransit Service

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    Press Release
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    updated: Oct 29, 2020


    LOS ANGELES, October 29, 2020 (Newswire.com)
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    RideCo announced today that it has been awarded a $28 million, 3-year contract to provide technology and services to Los Angeles County Metropolitan Transportation Authority (LA Metro) for the launch and operation of on-demand transit in six designated service zones in Los Angeles County. At 100 vehicles, this is the largest ever contract awarded for a public microtransit service.

    RideCo’s CEO Prem Gururajan says: “We are thrilled to partner with LA Metro to launch this innovative new mode of public transit that will provide an improved customer experience for riders and increase transit ridership,” adding, “most of the funds for this project will be invested in Los Angeles County to fund next-generation transit technology jobs in the United States.” Additional funding was also approved for operational expenses and to hire new Metro employees to operate the vehicles. Gururajan went on to say that “RideCo is building the world’s next-generation transit technology, capable of adapting to the dynamic needs of the future and evolving demographics.”

    In the procurement report, LA Metro deemed RideCo to be “the industry’s top performers in the field of MicroTransit including specialists in software development, modeling and analytics” and found that RideCo’s approach “supports the backbone of public transit (the Agency’s bus and rail network).”

    This award follows an almost 2-year long, highly competitive procurement process that included two stages and drew upon insights and expertise from more than 450 staff from all departments at LA Metro. RideCo’s team worked closely with LA Metro staff and municipal stakeholders to design service models which support the agency’s goals, including (i) providing high quality shared mobility options, and (ii) enhancing communities and lives through mobility and access to opportunity. After more than a year of extensive assessment of the bidders’ technologies and capabilities, RideCo was announced as the sole winner of Part B, the implementation of LA Metro’s microtransit project. RideCo outscored the two other finalists in the procurement in every technical evaluation category of the procurement.

    While the 6 microtransit zones will launch in phases throughout 2020-2021, this 100+ vehicle project will be the single largest on-demand public transit service in existence once at full scale. You can get more details about the project and the planning and design process in our latest case study: “How LA Metro is Building the World’s Largest On-Demand Transit System with RideCo” or you can check out Metro’s MicroTransit Pilot webpage for details about where and when the service is launching.

    Cities and organizations both large and small around the world are using on-demand transit to solve transit pain points such as low-density area mobility, first-last-mile connections, underperforming bus routes, paratransit and non-emergency medical transit, employee and long-distance commuting and more. Contact us at rideco.com to find out how on-demand transit could help your organization.

    For press inquiries, contact press@rideco.com.

    Source: RideCo On-demand Transit

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