Smart parking app SpotHero scores $20M in new funding

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Parking app SpotHero announced last week an investment of $20 million in Series B led by the prolific VC firm, Insight Venture Partners (IVP). This latest round brings their grand tally to $27 million raised thus far.

The company markets an app for iOS and Android that lets customers reserve parking spaces in advance, working with parking operators in over 1,500 locations across the US. The app allows users to find parking – at competitive prices – near given locations. The platform will also tell users how far of a trek they have to their respective destinations after parking, a handy tool for anyone looking for parking after a long drive to a stadium or other venue.

Cutting down on the nightmare of finding a spot

Parking apps have become big business as people struggle to save money, time and recover convenience when dropping off their cars in the city. ParkWhiz has raised about $12 million in funding with their last round being completed in July last year. Other similar apps include Parking Panda, Parker, and Best Parking.

Several cities have launched their own attempts at demystifying the art of finding a parking spot. Boston-based SPOT uses the Airbnb model to rent out private parking spaces. The Tel Aviv-based Polly is looking at internationalizing its app.

Increased interest in solving day-to-day issues

Past investors who joined the SpotHero round include Battery Ventures, 500 Startups, Bullpen Capital, Chicago Ventures, Draper Associates, OCA Ventures and Pritzker Group Venture Capital. Monkfish Equity also threw its hat into the ring for the first time as a funder for the company.

SpotHero is primarily operated out of Chicago, grabbing the attention of local VC Chicago Ventures and touting a total of 1 million parking spots occupied since going into business. The company announced last month that they had brought on Jason Pinter as VP of Finance and Administration, another veteran of the Chicago startup scene.

The company was founded in 2011 by CEO Mark Lawrence, Jeremy Smith and Larry Kiss, completing its first seed funding in December 2012. The company looks to add 25 new employees to its current workforce of 60 with the latest funding infusion. Besides Chicago, the firm operates offices in New York and San Francisco.

Photo Credit: SpotHero website

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