Transreport, the UK’s fastest-growing accessibility technology company has secured £10 million investment for its popular Passenger Assistance technology as it seeks to expand the reach of the system to more users and wider modes of transport and industries.
The funding, led by Puma Private Equity with participation from Pembroke VCT will enable Transreport to further connect its Passenger Assistance technology to anyone who needs assistance whilst travelling, facilitating quicker and easier use of public transport. The investment will also continue the company’s expansion into the aviation sector.
Since its launch in May 2021, the Passenger Assistance technology, nominated for an Apple Design Award in the Inclusivity Category, has become one of the most recognised apps for arranging travel assistance with over 100,000 downloads facilitating millions of passenger journeys to date.
Jay Shen, founder and CEO of Transreport said: “This significant investment marks a key moment in the growth and history of Transreport and is a huge vote of confidence and trust from our investors, Puma Private Equity and Pembroke VCT, in our vision and ability to execute on our strategic plans.
“These funds will accelerate our expansion into the aviation sector and continue supporting our entry into the Japanese market in partnership with Hankyu Corporation, Japan’s world-leading railway operator and most importantly provide a better experience for disabled and older people.”
In a sign of the company’s ambition, Transreport is already collaborating with key organisations in public transportation sectors to improve travel accessibility for more disabled and older people throughout the UK and internationally including a successful partnership with leading Japanese rail operator Hankyu Corporation.
The investment is from two prominent and strategic investors: Puma Private Equity led the round and is a leading provider of growth capital to small and medium-sized businesses, Pembroke VCT focuses on growth-stage companies in the consumer, business services and technology sectors.
Mark Lyons, Investment Director, Puma Private Equity said: “We have known Jay, Waleed and the Transreport team for several years now and are thrilled to be backing them on their next stage of growth. We were initially struck by their mission to transform the travel experience for older and disabled people, who have historically struggled to use public transport.
“Following significant growth, they are now supporting the whole of the UK rail network and we have seen first-hand the significant benefits this is making to user’s everyday lives. With the planned expansion into new territories and verticals, Transreport’s cutting-edge accessibility technology will reach a wider global audience whilst simultaneously creating operational efficiencies for the transport operators.
“Our participation represents Puma’s largest single private equity investment to date which highlights the strength of our belief in the Transreport team and their mission.”
This funding announcement is the latest in a series of notable successes for Transreport, including growing its user base greatly and securing successful partnerships with the Rail Delivery Group in the UK.
Transreport is also gaining the attention of industry professionals and policymakers. In June, the British government and Hankyu invited Transreport’s founder and CEO Jay Shen to the G7 summit in Japan where he met global leaders, including Prime Minister Rishi Sunak.
Fred Ursell, Investment Director, Pembroke VCT said: “We are delighted to be partnering with Transreport on its journey and are looking forward to witnessing the much-needed transformative impact the business undoubtedly has on the transportation landscape.
“What sets Transreport apart is not just its commitment to democratising transport, but the ingenious manner in which they achieve it. Since 2016, Transreport has been at the forefront of innovation, providing transport operators with state-of-the-art mobility technologies that go beyond conventional solutions, setting new benchmarks for accessibility technology.
“This investment is a testament to our confidence in Transreport’s unique approach and ability to redefine industry standards. We are proud to be part of Transreport’s journey and look forward to working alongside Jay, Waleed and the team at this pivotal time of growth.”
Waleed Ahmed, chief operating officer of Transreport commented: “Transreport is proud to have demonstrated its ability to innovate and positively impact the transportation sector. We are grateful to Puma Private Equity and Pembroke for coming on a journey with us in our next business chapter to expand the offering of world-leading accessibility technology solutions into the aviation and rail sectors that improve passenger experiences and streamline operations.
“Alongside expansion, another key priority for Transreport is to invest in talent acquisition and research and development for the firm to recruit the best and brightest minds to create an unrivalled accessibility technology for anyone requiring assistance when travelling. Transreport will also continually refine the technology that goes into the Passenger Assistance app to enhance the passenger experience of its users.”
Photo credit: Transreport
