SpotHero operates an on-demand parking app and a software layer that connects drivers to inventory in thousands of garages. Its software integrates with roughly 40 different point-of-sale systems, creating a single protocol that enables features such as license-plate recognition and automated parking services. The company operates a network of about 6,500 garages across 300 U.S. and Canadian cities and has more than 900 distribution partnerships and integrations (including Google Assistant, Waze, Hertz, car2go, WeWork and Moovit). SpotHero has 210 employees and is hiring about 50 engineers to build out its platform and new services. It has expanded beyond consumer bookings into fleet and shared-mobility offerings, including a new “SpotHero for Fleets” product for car-sharing and commercial fleets. Financially, SpotHero has raised $118 million to date, including a $50 million Series D announced in this article. SpotHero operates a marketplace and free mobile app that partners with parking operators to provide guaranteed off-street parking reservations. The company has expanded its product set to include SaaS offerings for parking managers and recently acquired Parking Panda. SpotHero reported 100% year-over-year growth in 2016 and describes an exponentially expanding, loyal customer base. It plans to continue geographic expansion across the United States and Canada and to invest in mobile technologies, integrations for autonomous vehicles and smart-city use cases. Product-roadmap priorities include launching HeroTech, a suite of mobile payment and operations apps for parking management, and extending its transportation layer API and Parking Developer Platform (PDP). The company has secured $57.5 million in total funding to date. SpotHero operates web and mobile apps that let drivers find and reserve parking in major U.S. cities. The company plans to use new funding to accelerate marketing, explore strategic relationships and hire 25 new employees as it expands further into the western United States. Founded in 2011 and headquartered in Chicago, SpotHero runs operations in 12 U.S. markets including Boston, New York City, San Francisco and others. At the time of the raise it had about 60 employees and reported 20% month-over-month growth, with over one million cars parked through the app in Chicago alone. CEO and co-founder Mark Lawrence emphasized deep market focus as a competitive advantage. Investors view the company’s rapid growth and urban parking expertise as a major opportunity. SpotHero operates a free iPhone and Android app that allows drivers to find parking in garages and lots, compare rates and reserve spots in advance. The app helps garages fill unsold inventory while giving drivers certainty about where they will park and how much they will pay. The company intends to use the Series A proceeds to expand its parking supply and national presence. SpotHero is led by co-founders Mark Lawrence (CEO) and Jeremy Smith (COO) and recently added Mike Gamson of LinkedIn to its Board; the board also includes Sam Yagan and Sam Guren. At the time of the round the service was present in seven markets — Chicago, New York, Washington DC, Boston, Baltimore, Newark and Milwaukee — and the company had 22 full-time employees. SpotHero operates a mobile app and website that shows nearby parking spots in garages and lots and lets drivers prepay to reserve a spot. Garages use a web interface to upload parking inventory and update availability in real time. The company graduated from Chicago accelerator Excelerate Labs. CEO and founder Mark Lawrence has reportedly already brought over $2,000,000 in parking revenue to some of the largest national parking operators. The app is currently available in Chicago and Milwaukee. SpotHero plans to use the new funding to open new markets.

Total raised

$107M

Funding rounds

5

Latest round

Series D

Latest activity

Aug 2019