Parking App SpotHero Scoops up $50 Million

SpotHero CEO Mark Lawrence

Chicago parking app SpotHero landed $50 million in new funding as it looks to help more people find on-demand parking.

The round was led by Macquarie Capital, an Australia-based investment bank. Other backers in the round include Insight Venture Partners, Global Founders Capital, OCA Ventures and AutoTech Ventures.

SpotHero has now raised $118 million since it launched in 2011. It’s the latest Chicago startup to crack the VC funding century mark, joining AMP Americas, Fourkites, Sprout Social, and G2 Crowd, who’ve all crossed over $100 million in total capital raised within the last 12 months.

SpotHero now offers drivers access to 7,000 off-street parking locations in 300 cities, making it the largest marketplace to find a parking spot in North America, the company said.

The startup said that its all-time sales have now reached more than $500 million, and it’s on pace to reach $1 billion in all-time transactions by 2020.

By standardizing the way parking is bought and sold, we are introducing the same visibility into parking inventory that people expect from the airline or hospitality industries,” Mark Lawrence, CEO, and co-founder of SpotHero, said in a statement.

Earlier this year, SpotHero announced SpotHero for Fleets, a parking-as-a-service solution for the car-sharing economy that helps Uber (NYSE: UBER) and Lyft drivers find parking—while also preparing for the industry’s eventual transition to autonomous vehicles. It also launched SpotHero for Business, which helps employers manage parking spend. The startup said it has 600 enterprise clients on the platform.

About SpotHero

SpotHero envisions a world where people get everywhere, easier. The company connects mobility leaders, vehicles and drivers with the largest network of off-street parking in North America through its HeroConnect platform, a parking API and SDK, and provides the connective tissue to exchange data and payments. SpotHero is also the leading parking reservation service with more than 20 million cars parked and the most app downloads nationwide. This full ecosystem approach makes parking facilities future-proofed, cities more accessible, and the world more connected. Founded in 2011, SpotHero is headquartered in Chicago and has raised $67.5 million in funding. To learn more, visit www.spothero.com.

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