US Parking Startup, ParkJockey Receives Huge Investment from SoftBank Group

ParkJockey, a tiny Miami-based parking technology startup, has received a substantial investment, thought to be between $800m and $1B, from Japan’s SoftBank Group.

Founded in 2013, ParkJockey is a parking revenue and access control startup that provides smart software and hardware technologies designed to optimize parking operations. Operating in Miami, Chicago, New York, San Francisco and all major cities in the United Kingdom, ParkJockey’s app includes parking spaces in garages, lots and valet operations.

SoftBank’s reported investment aligns with the group’s focus on changing the world of transportation and builds on the launch of their new app, BLUU Smart Parking, which has been helping drivers to find and reserve parking spots across Japan since July.

According to an Axios report, the investment, which will be carried out by the SoftBank Group and not by SoftBank Vision Fund, will finance ParkJockey’s planned acquisition of its two biggest rivals, parking lot operators Impark (which operates 3.6k parking facilities in 330 cities) and Lanier (which operates at least 1.1k facilities in 20+ cities).

SoftBank’s reported investment will help ParkJockey reach a national network of parking spots with their powerful technology and open up parking spots for SoftBank’s other American investments including ride-sharing and autonomous vehicle companies.

About ParkJockey

ParkJockey is a rapidly growing technology start-up with a focus on helping drivers get the best parking spaces in the off-street market via reservations or on-the-spot payments. With over 100,000 parking spaces under management, ParkJockey is currently operating in Miami, Chicago, New York, San Francisco and all major cities in the UK. To learn more, visit www.parkjockey.com or download ParkJockey app for your iOS and Android device.

About SoftBank Group

Softbank Corp. continues to push forward into a new stage of the Information Revolution by utilizing state-of-the-art technology such as AI, IoT, and robotics, and plays a central role in SoftBank Group.

We aim to take a flexible approach to expanding our business into a wide range of domains while pursuing synergies with group companies both domestically and overseas. We aspire to be a company that contributes to society by providing innovative services across a range of industries, going beyond the realms of conventional telecommunications carrier business models.