Founded in 2013, Spot operates a mobile app that connects drivers with under-utilized private parking spots in driveways, garages, and business lots. Hosts verify their address with a photo of a utility bill or mail, then list spaces at hourly, daily, weekly, or monthly rates. Drivers tap a “find my spot” button to navigate to and pay for the nearest available space directly in the app. The company launched its beta in June 2014 and, within five months, attracted 6,000 users; it now counts roughly 10,000 users on the platform. Unlike competitors focused on commercial garages, Spot concentrates on monetizing the estimated 50,000 private parking spots in Boston, 30,000 of which are readily accessible. While currently operating only in Boston, management plans to expand into seven additional East Coast markets during 2015. To date, Spot has secured just under $1 million in angel financing to fund product development and market expansion.

Total raised

$1M

Funding rounds

1

Latest round

Equity

Latest activity

Feb 2015