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Spare

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A powerful platform to plan, launch, and operate a smart transportation network, all from one place

Vancouver, CanadaFounded 2015Transportation

Valuation $100–250M Last recorded · 2024

Revenue $10–50M Latest reported FY

Headcount 100–500 Current team size

Total funding $50–100M Disclosed equity funding

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About Spare

Spare Labs Inc. is a Canadian technology startup that operates in the transportation industry. The company has developed a unique on-demand transit platform that integrates with third-party fleets such as Lyft, Uber, and local taxi companies. This platform allows transit providers to quickly customize and deploy new demand-responsive transit services, thereby enhancing the efficiency and cost-effectiveness of their operations.

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Spare Labs primarily serves transit innovators and mobility providers, including public transit agencies and private transportation companies. The company's platform has been adopted across four continents, indicating a broad market reach. Spare Labs' solution is particularly appealing to providers seeking to replace underperforming paratransit software, as it offers a more user-friendly alternative that reduces or eliminates many manual processes.

The company's business model revolves around providing its clients with a platform that enables them to lower operating costs by consolidating their fleets and services. Spare Labs' software also enhances the rider experience by offering low wait times and easy-to-use booking options across various devices. Furthermore, the platform provides real-time data on key performance indicators, which can be used to make informed operational decisions.

Spare Labs generates revenue by charging its clients for the use of its platform. The company's impressive growth rate of 623% suggests a strong market demand for its services and a successful revenue generation strategy.

Source: Dealroom company data