The new funding will support product development and market expansion
Lacuna Technologies, a leading technology company that builds and manages open-sourced digital tools for cities and municipal agencies to create, communicate, and enforce dynamic transportation policies, today announced new Series A funding of $16 million. The round is led by Xplorer Capital Management LLC and also includes founding investor Playground Global. The new funding comes on the heels of $17.5 million in seed funding and brings the total investment in Lacuna to $33.5 million.
Lacuna will use the proceeds of the round to expand its product offerings and scale its business to new markets.
“This new funding will accelerate Lacuna’s continued rapid growth across our product lines and markets,” said Hugh Martin, Chairman and CEO of Lacuna Technologies. “As new mobility technologies continue to roll out in cities across the globe, the need for effective mobility management tools only grows greater. With this new round of funding, Lacuna will be well-positioned to support our public sector partners with new and updated technology offerings. This funding will enable us to expand our engineering team to help us build new capabilities and grow our client services team to support our expanding customer base.”
As a result of this investment, Keith Nilsson, Managing Partner and Co-founder of Xplorer Capital Management, will join Lacuna’s Board of Directors. Mr. Nilsson said, “Having seen the great success that the Lacuna team has had so far, I am thrilled to have Xplorer lead the round and to join Lacuna’s board as the company’s expansion kicks into high gear. My partners and I know that cities need allies in their efforts to ensure that new mobility technologies are implemented on their streets safely, effectively, and equitably, and we believe that Lacuna has the right combination of technology, values, and expertise to support cities in addressing these important challenges. We are delighted to be a part of the solution through our investment in Lacuna.”
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