Transreport has secured a £10 million funding package to expand its Passenger Assistance technology.
The London firm plans to expand the reach of the system to more disabled and older users and wider modes of transport and industries, including continued expansion into aviation.
The funding was led by Puma Private Equity with participation from Pembroke VCT.
Since its launch in May 2021, the Passenger Assistance technology, nominated for an Apple Design Award in the Inclusivity Category, has become one of the most recognised apps for arranging travel assistance with over 100,000 downloads facilitating millions of passenger journeys to date.
“This significant investment marks a key moment in the growth and history of Transreport and is a huge vote of confidence and trust from our investors, Puma Private Equity and Pembroke VCT, in our vision and ability to execute on our strategic plans,” said Jay Shen, founder and CEO.
“These funds will accelerate our expansion into the aviation sector and continue supporting our entry into the Japanese market in partnership with Hankyu Corporation, Japan’s world-leading railway operator and most importantly provide a better experience for disabled and older people.”
Transreport is already collaborating with key organisations in public transportation sectors to improve travel accessibility for more disabled and older people throughout the UK and internationally including a successful partnership with leading Japanese rail operator Hankyu Corporation.
Mark Lyons, investment director at Puma Private Equity said: “We have known Jay, Waleed and the Transreport team for several years now and are thrilled to be backing them on their next stage of growth.
“We were initially struck by their mission to transform the travel experience for older and disabled people, who have historically encountered challenges to use public transport.
“Following significant growth, they are now supporting the whole of the UK rail network and we have seen first-hand the significant benefits this is making to users’ everyday lives.
“With the planned expansion into new territories and verticals, Transreport’s cutting-edge accessibility technology will reach a wider global audience whilst simultaneously creating operational efficiencies for the transport operators.”
Transreport is also gaining the attention of industry professionals and policymakers. In June, the British government and Hankyu invited Transreport’s founder and CEO Jay Shen to the G7 summit in Japan where he met global leaders, including Prime Minister Rishi Sunak.
Fred Ursell, Investment Director, Pembroke VCT said: “We are delighted to be partnering with Transreport on its journey and are looking forward to witnessing the much-needed transformative impact the business undoubtedly has on the transportation landscape.
“What sets Transreport apart is not just its commitment to democratising transport, but the ingenious manner in which they achieve it. Since 2016, Transreport has been at the forefront of innovation, providing transport operators with state-of-the-art mobility technologies that go beyond conventional solutions, setting new benchmarks for accessibility technology.
“This investment is a testament to our confidence in Transreport’s unique approach and ability to redefine industry standards. We are proud to be part of Transreport’s journey and look forward to working alongside Jay, Waleed and the team at this pivotal time of growth.”