Highly Demanded Parking Startup; SpotHero Raises $50 million

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SpotHero, is a company based in Chicago which has created a highly demanded parking app. It has raised around $50 million in a Series D round which was led by Macquarie Capital.

Along with existing investors, Union Grove Venture Partners participated in the round, including Insight Venture Partners, Global Founders Capital, OCA Ventures, AutoTech Ventures and many others.

According to the company, SpotHero has raised $118 million to date.

The new investment will be used to increase its spread in the 300 U.S. and Canadian cities where it is already operating.

CEO and co-founder Mark Lawrence had mentioned that they had reinforced their digital platform and partnerships with mobility companies. 

How Does SpotHero Work?

SpotHero, operates in New York, San Francisco, Washington, D.C. and Seattle.

Earlier they had set out to build a software that would connect daily drivers to parking spots in thousands of garages across North America.

Its secret ingredient is the software, which can monitor more than 40 point-of-sales systems used by parking garages. 

This acts like a single procedure, which allows SpotHero to bring some stabilization to an otherwise fragmented system. Using this unique procedure, SpotHero adds features that would enable automated parking services, such as license plate identification.

Lawrence said in a recent interview that they had built the pipes, and this powers their consumer app. Now the company is focusing on building partnerships, featured in the software and services.

Revenue will also be used to employ talent to support these new efforts.

As of now, SpotHero has 210 employees and is planning to hire 50 more engineers this year.

Latest Ventures 

Recently, SpotHero just launched a new service called “SpotHero for Fleets” which targets shared mobility and on-demand services.

This service targets to be a one-stop solution for car-sharing and commercial fleets to manage all that goes into safeguarding.

They have access and the right number of selected parking areas within SpotHero’s massive network of 6,500 garages across 300 cities. 

This gives them the ability to handle everything, starting from managing relationships between the garage owners and the fleet companies to appropriate signage so car-sharing users can easily find the vehicles. They can also create adaptable plans that justify seasonal demands on businesses.

With this new service, customers can locate and secure parking record in highly congested areas across multiple cities.

They can pay per use around multiple parking facilities on one invoice to simplify payments. 

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As of now, the company has taken on car-sharing companies and other commercial fleets, not naming them yet.

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