On-demand parking startup SpotHero raises $50 million
SpotHero, the Chicago-based company that has developed an on-demand parking app, has raised $50 million in a Series D round led by Macquarie Capital.
Union Grove Venture Partners participated in the round, along with existing investors, including Insight Venture Partners, Global Founders Capital, OCA Ventures, AutoTech Ventures and others, according to the company. SpotHero has raised $118 million to date.
The new capital will be used to expand its reach in the 300 U.S. and Canadian cities where it is already operating, build out its digital platform and strengthen partnerships with mobility companies, CEO and co-founder Mark Lawrence told TechCrunch.
SpotHero, which has operations in San Francisco, New York, Washington, D.C. and Seattle, initially set out to develop software that connects everyday drivers to parking spots in thousands of garages across North America.
Its secret sauce is its software, which can sit on top of the 40 or so different point-of-sales systems used by parking garages. This acts as a single protocol, allowing SpotHero to bring some kind of standardization to an otherwise fragmented system. From this single protocol, SpotHero can add features that will allow for automated parking services, such as license plate recognition.
“We’ve built the pipes,
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