Montreal-based Netlift raises $1.3 million to expand carpooling app beyond Quebec

netlift

Montreal-based Netlift, a startup that’s developed an app that encourages multi-modal transportation, has raised $1.3 million.

The funding was led by Sustainable Development Technology Canada (SDTC), Cycle Capital, and angel investors. BDC Capital provided seed capital in the form of convertible notes when Netlift completed the Ecofuel Accelerator program in winter 2015.

“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 and senior partner of Cycle Capital. “In addition to contributing to reducing greenhouse gases, Netlift’s multimodal carpooling mobile app offers an effective solution to help alleviate traffic congestion in our cities.”

The investment, which comes in the form of seed capital and a grant, will allow Netlift to further develop its mobile app for individuals and businesses. The company also wants to push into new addressable markets and prepare to enter the Ontario market before the end of 2017.

“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. Their support will help us accelerate our transition to the commercialization phase and offer a compelling solution both in Quebec and beyond our borders,” said Marc-Antoine Ducas, president of Netlift.

Netlift’s app recommends multiple modes of transportation — including carpooling and public transportation — for a “more efficient, stress-free, and environmentally sustainable commuting experience”, according to their website. The app also includes an electronic payment platform, and gives businesses the option to offer the service to their employees. Netlift currently has “thousands” of users and boasts customers like Bell Canada, the City of Montreal, and Montreal Airport.

Jessica Galang

Jessica Galang

Jessica Galang is BetaKit's News Editor.