Transportation app Netlift raises additional $3.2 mln in VC


Photo courtesy of Reuters

Montréal-based transportation app Netlift has secured $3.2 million in financing, adding to the $1.3 million in seed-stage funding raised last year. Investissement Québec, Fonds InnovExport and Real Ventures backed the latest round. They were joined by existing investors, which include BDC CapitalCycle Capital Management and SDTC. Founded in 2012, Netlift has created a mobile solution that combines carpooling and taxi travel to help ensure a more efficient and environmentally sustainable commute. It will use the funds raised to accelerate commercialization of the app, which will see its initial roll out in Montréal.

PRESS RELEASE

$3.2 million investment to spur growth of Netlift

MONTRÉAL, Oct. 31, 2017 /CNW Telbec/ – The company behind Netlift, the Montréal-based planned transportation app, today announced that it has secured additional funding in the amount of $3.2 million. The Government of Québec, via its financing arm Investissement Québec, along with the Fonds InnovExport, Real Ventures, and Netlift’s existing shareholders are all participants in the venture.

The investment 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.”

About Netlift
Founded in Montréal in 2012, the Netlift planned transportation application is 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.

For further information: Sabrina Fournier, Morin Relations Publiques, 514 289-8688, ext. 250

Photo courtesy of Reuters