Social Venture Circle Members Co-Invest in a Durham-Based Next-Generation Mobility Company
Social Venture Circle is excited to share news of a recent investment. TransLoc, a leading provider of transit technology, has completed an $8 million round of financing. The round was co-led by Social Venture Circle (SVC) member SJF Ventures and Fontinalis Partners and included investments from SVC’s Patient Capital Collaborative (PCC) Fund and Salesforce CEO Marc Benioff’s fund. The funds will allow the company to accelerate growth as they scale their innovative multi-modal technology solution.
The Durham, North Carolina-based company provides transit technology to over 140 municipal transit agencies and universities across the US. “TransLoc enables agencies to improve efficiency and reduce costs while providing improved service to their customers,” said Justin Desrosiers, Principal of the PCC Fund and SVC’s Director of Investments. “The core impact of TransLoc is improving the mass transit experience so that more people choose mass transit over driving cars, which results in a reduction of CO2 emissions. In addition to the environmental impact, TransLoc’s products can improve the lives of families that use public transit as their primary form of transportation to work and the grocery store and for accessing healthcare services.”
The TransLoc suite of innovative products includes the Rider mobile app for the end user; RealTime, which provides agencies up-to-the second bus location information and reporting tools; Traveler, which provides granular insight into passenger flow information for transit agency planning and communication; and OnDemand, which allows transit agencies to offer demand-response services– like late-night transportation for university students after other mass transit options have ceased and paratransit for elderly and handicap.
“While we have spoken with dozens of transportation tech companies, we were thrilled to find the market leader right here in Durham,” said Dave Kirkpatrick of SJF Ventures. “Social Venture Circle had connected the company earlier with Fontinalis Partners, a Detroit based mobility fund. SJF and Fontinalis co-led the Series A round and we were delighted that Social Venture Circle /PCC and Marc Benioff joined as co-investors.” Kirkpatrick joins the TransLoc board after leading the investment with Christine Primmer of SJF Ventures.
In addition to the benefits of SVC’s strong connections in the impact investing community, the deal exemplifies the opportunities ripe for investment between the coasts. “SVC has known for years that great innovations emerge across the country,” said Bonny Moellenbrock, Executive Director of SVC. “We’re thrilled to be a part of the fast-growing Durham start-up community. Social innovation will continue to be an important element of this growth.”
Investors can gain exposure to other emerging impact investing opportunities at SVC’s next national Beyond the Pitch event in Boston on May 3, as well as Local Network meetings in markets across the country. SVC members can look forward to a deep dive on the TransLoc investment on the April 14 Virtual Member Meeting.
Public transit users can see reports on safety, satisfaction, reliability, and general service on the Transloc traveller website.
Transloc is available for use on your smartphone or on any computer.