Netlift raises seed funding to commercialize carpooling app

Montréal-based carpooling app Netlift has closed the first tranche of a $1.3 million seed-stage financing. The tranche was backed by Cycle Capital, Sustainable Development Technology Canada and several angel investors. They join existing investor BDC Capital, which earlier provided convertible notes funding. Established in 2012, Netlift is developing a mobile app that supports more efficient commuting, along with a payment system and communication option for users. It plans to use the funds raised to further develop the app, target new addressable markets, and prepare to enter the Ontario market before the end of 2017.

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