Transport tech firm Zipabout has secured its largest private investment to date in a recently completed £1.35m funding round
The funding, secured from Founders Factory as part of its accelerator programme and the Midlands Engine Investment Fund (MEIF) Equity Finance Fund, managed by venture capital firm Midven, will be used to triple its staff in the next four years and support its European expansion plans.
The firm works closely with transport operators to improve the experience of transport through its multi-source, big-data and communications platform.
It has already set up a new HQ in Birmingham, one of the fastest-growing tech hubs in the UK. In addition, the funding will support the growth of its product portfolio and help generate new customer relationships in the UK and Europe.
Zipabout was founded by Alex Froom and Daniel Chick, both previously having worked with large transport companies for a number of years.
On the new investment, Froom said: “At Zipabout we envision a future where every transport decision is based on genuine knowledge and true insight. This significant investment from MEIF, supported by First Derivatives and Founders Factory, will enable us to offer invaluable knowledge and insight to policy-makers, transport operators and travellers through a range of innovative, easy-to-use products.”
The firm said the funding will also go toward its Passenger Connect product, as B2B2C platform, already used by the likes of National Rail, LNER and ScotRail.
Froom added: “We know that Passenger Connect addresses a global need by transport operators to deliver real-time personalised travel information. Zipabout has been focused on the rail sector, however this new round of investment will support our ambition of delivering the product across all modes of transport including land, air and sea.”
Roger Wood, Director at Midven, said: “We believe there is a large market for the Passenger Connect product, and an even larger market for the additional functionality currently in development. We are excited to lead this consortium, with Kx providing in-depth technological knowledge and Founders Factory having helped guide Zipabout to this point.”