Digital Road Pricing Startup ClearRoad Secures $2.35 Million Seed Round
The new funding, led by Space Capital, will help to scale advanced road pricing from 5 cities to 500
Brooklyn, NY, July 27, 2021 — ClearRoad, the mobility and urbantech startup empowering communities with dynamic road pricing and next-generation tolling, today announced the closing of a $2.35 million Seed round led by Space Capital. This funding is an accelerant for ClearRoad to scale lightweight, flexible road pricing to meet 21st-century transportation challenges. Heroic Ventures also participated in the round alongside the Uber Alumni Syndicate, Hunt Technology Ventures, and the climate-focused DVC syndicate. This follows previous investments from Urban Us.
ClearRoad helps cities manage the complexity of city streets with automated toll road pricing for any section of road, without traditional roadside infrastructure, while generating new revenue opportunities. ClearRoad deploys digital mobility pricing solutions across congestion pricing, virtual tolling, road usage charging, and truck permitting, already covering 10 times the mileage of tolling systems in the U.S.
“This fundraising gives ClearRoad the fuel we need to establish ourselves as the leader in deploying modern transportation solutions,” said Frederic Charlier, ClearRoad co-founder & CEO. “The massive transformation in mobility presents a once-in-a-generation opportunity to refocus priorities around climate, equity, and sustainable growth. ClearRoad’s road pricing and management solutions provide the foundation for cities and states to not only get by but thrive in the new transportation reality.”
“ClearRoad is meeting today’s biggest transportation challenges — traffic congestion and crumbling infrastructure — with the lightweight GPS, IoT, and 5G applications that we love to see at Space Capital,” said Justus Killan, principal at Space Capital. “This allows them to deliver flexible road pricing and management solutions at a fraction the cost of the status quo.”
The new investment will provide ClearRoad with the resources to deploy its advanced tolling app, increase headcount, augment government and community collaboration, and continue developing more targeted and responsive mobility and pricing solutions inside and outside the U.S.
ClearRoad supports cities and governments across the U.S., including the technology behind OReGO, Oregon’s groundbreaking mileage fee program for sustainable transportation funding, now available to electric and hybrid vehicles and expanding to all cars in 2027. ClearRoad has partnered with established toll providers and is powering advanced testing of congestion pricing in major metro markets. ClearRoad is an alumnus of URBAN-X, the MINI-backed urban technology startup accelerator.
The reopening of cities and the national infrastructure dialogue are drawing much-needed attention to the chronic underfunding of U.S. infrastructure, including the near trillion-dollar backlog between roads and transit. Meanwhile, rapid advancement in new mobility — from scooters and same-day delivery to AVs and drones — means transportation agencies must keep innovating. ClearRoad provides governments of all sizes with the dynamic, scalable solutions needed to adapt to and accelerate the future of transportation.
About ClearRoad
ClearRoad delivers forward-looking transportation funding and management solutions at the city and state levels. These include groundbreaking road usage charging programs in Oregon and Washington and the automated Municipal Freight Permitting program in the City of Fremont, California. Since its founding, ClearRoad has been supported by key urbantech, govtech, and civictech organizations, including Urban-X, CivStart, 1776, the Tamer Center, and STiR.
ClearRoad is headquartered in New York, with offices in the Bay Area, Montreal, and Lille, France. To learn more about ClearRoad, visit clearroad.io
Contact: Paul Salama, paul.salama@clearroad.io
