Real-Time Smart Parking Company Streetline Raises $25 Million
Streetline has raised $25 million in Series C funding led by True Ventures. New investors that participated in this round include Citi Ventures and Qualcomm Ventures. Sutter Hill Ventures, RockPort Capital Partners, and Fontinalis Partners participated in the round based on pro-rata follow-on investments.
Streetline also has a $25 million credit facility from Citi. Streetline has real-time parking solutions in over 30 cities and universities. They also operate internationally in Braunschweig, Germany and Birmingham, U.K. Streetline plans on using the funding to expand further globally.
“Streetline is harnessing the power of the ‘Internet of Things’ to tackle one of the great unsolved urban problems: parking,” stated Streetline president and CEO Zia Yusuf. “With more than 30 deployments in both the U.S. and Europe, we’ve moved beyond smart parking as a concept to smart parking as a reality. This investment is a validation of Streetline’s achievements to date and represents a considerable endorsement of our future growth potential globally. We are delighted to welcome our new investors True Ventures, Citi, and Qualcomm and the continued support of Sutter Hill, RockPort Capital and Fontinalis.”
[Source: Sac Bee]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry