Zipabout raises £1.35M for transformation
Transport technology specialist, Zipabout has secured its largest private investment to date, following a £1.35m funding round, helping to generate new jobs and support the company’s expansion into Europe.
Zipabout whose product is supported by Kx (the technology division of First Derivatives plc) has secured funding 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.
Zipabout works closely with transport operators to improve the experience of transport for all through its unique multi-source, big-data and communications platform. Following this latest round of investment, Zipabout will look to triple its staff in the next four years and 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.
Alex Froom, Founder and Chief Product Officer at Zipabout, 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 £1.35m of funding will support the deployment of Zipabout’s Passenger Connect product. This B2B2C platform, which is already used by some of the biggest names in transport including National Rail, LNER and ScotRail, can easily be integrated into existing information systems, making it possible to communicate timely and relevant travel information to passengers.
Alex, said: “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.”
Zipabout founders, Alex Froom and Daniel Chick, have an extensive track record in the sector, having worked successfully with large transport companies for a number of years. The additional funding will also accelerate technical development, enabling Zipabout to deliver additional functionality to its clients.
For more information visit the Zipabout website, https://www.zipabout.com/