SpotHero Raises $2.5 Million

Posted Dec 14, 2012

SpotHero is an online parking garage reservation startup that has raised $2.5 million in funding led by Battery Ventures, 500 Startups, Bullet Time, e.Ventures, OCA Ventures, New World Ventures, Lightbank, and Draper VC.  SpotHero is spinning out of the Chicago startup accelerator program Excelerate Labs.  SpotHero has a mobile app and website that lets drivers reserve the perfect parking spot while on the go.  After opening the app, the service will show you nearby spots that are open in parking garages.

You can view the parking rates at different spots in Chicago on the map that are near the address that you are searching for.  After reserving a spot, you can prepay so that the garage saves the spot for your car.  The garages are given a web interface that lets them upload their parking inventory and update in real-time.

Around $2 million worth of revenue has been generated for some of the largest national parking operators.  The app is currently live in Chicago and Milwaukee.