Montreal’s Netlift, a startup specializing in multimodal carpooling, has raised $1.3 million from investors and strategic partners including Sustainable Development Technology Canada, Cycle Capital, and angel investors.
This investment, which is in the form of seed capital and of a grant, will allow Netlift to further develop its mobile app to push into new markets.
“Netlift has developed a promising technology platform that connects drivers and passengers from the suburbs, helping to improve their access to the city’s public transit network,” said Andrée-Lise Méthot, Founder of Cycle Capital. “Netlift is part of a growing trend in connected and intelligent mobility, where such business models have the potential to disrupt the industry while improving the efficiency and accessibility to public transit.”
“After more than two years of technology validation and market testing, we are pleased with the financial and strategic support of major investors such as SDTC, BDC Capital, Cycle Capital and our angel investors,” said Marc-Antoine Ducas, president of Netlift.
Netlift’s multimodal algorithm improves matching rates between passengers and drivers from 25 to 200 times higher than traditional carpooling systems.