MAVEN Capital Partners (“Maven”), one of the UK’s most active investors in growing businesses, has completed a follow-on investment of £1.25 million in global carpool and on-demand transport technology provider Liftango.
Liftango has fast become one of the leading international demand-responsive transport (“DRT”) providers, boasting several blue-chip clients, following Maven’s first investment in the company in December 2021. The business has also recently signed a major 5-year contract with Transport for West Midlands and National Express to digitalise their existing dial-a-ride service, Ring & Ride.
The funding round includes £1.25 million from the Maven VCTs, a further £1.25 million from Scottish Enterprise, Maven’s co-investment partner, and a significant but undisclosed investment from other existing investors. This investment will allow the company to accelerate its international growth, particularly in emerging markets, as well as broaden its offering to existing regions and clients.
Liftango’s sustainable transport platform allows operators, employers, and other large organisations to plan, launch and scale shared mobility projects. Its core shared mobility products include climate-positive carpooling, fixed-route shuttle transit, and on-demand buses (“ODB”). These services help reduce vehicular usage, optimising routes, reducing carbon emissions, and helping solve parking, congestion, and zoning problems by improving the efficiency of transport services in real-time.
Martin McLaren, Partner at Maven, said: “Maven Capital Partners is delighted to announce its ongoing support to Liftango and its mission to drive technological innovation in transport. Following our initial investment in December 2021, Liftango has achieved notable commercial traction, helping transport operators modernise services to improve efficiencies. With this significant investment, we are glad to once again showcase our commitment to nurturing and investing in pioneering businesses and to support the team at Liftango in capitalising on the significant global growth opportunities in sustainable transport.”
Kevin Orr, CEO at Liftango, said: “Liftango is growing at such a fast pace because of the extremely good thematic trade winds behind us. Globally we are seeing corporates and government entities introduce our sustainable transport solutions that align with their sustainability strategies. We are delighted to have continued support from Maven and our other investors to accelerate both our global growth and ESG impact.”
