Share Mobility more than rebounded from the pandemic interruption: The startup has raised $12 million toward nationwide expansion of its software enabling transportation as an employee benefit.
The Columbus company rapidly expanded to 11 states last year, and the staff has doubled over the year to 36 today.
"Making commuter benefits as common as healthcare will address one of the biggest problems in the economy right now – getting people back to work," Share co-founder and CEO Ryan McManus said in a news release. "This latest round of funding reinforces our market-leading position and will permit us to bring our mobility-as-a-service software to the 85% of U.S. companies."
Iron Gate Capital and Renewal Funds led the Series A. New investors joining the round are Employment Technology Fund, JobsOhio Growth Capital, Seamless Capital, TrendForward Capital, and Venn Ventures. Repeat investors are Columbus-based Loud Capital, Cleveland's JumpStart, JMAC,and SustainVC.
Share started as a microtransit service, owning vans and hiring drivers for group rides to job sites. But the growth potential was in its logistics software planning the most efficient routes, used by transit agencies and third-party transportation companies.
The company had to make a sharp turn into goods delivery when the pandemic made shared rides impossible in 2020. But last year brought resurgent demand from employers, such as rides to Licking County warehouses from the northeast side of Columbus.
Rising gas costs are adding even more pressure as employers desperately seek to fill jobs.
"Enterprise-scale employers are struggling to find talented employees, especially in areas with limited transportation options," Iron Gate Partner AJ Dye said in the release. "Share's data-driven routing platform and commuter analysis tools enable employers to find and retain employees by providing safe, reliable, and professional transportation. Employees are no longer limited by public transit or expensive alternatives."
"We've been super impressed with Share's explosive growth and the vision and tenacity of their team," Geordan Hankinson of Renewal Funds said in the release. "Share solves a key pain point for employers, reduces car dependence, and helps solve a persistent challenge for public transit agencies – moving people from urban centers to jobs outside the city core. The company's social and environmental mission is a perfect fit for our fund."
