SpotHero, a Chicago-based startup that focuses on parking reservations, has raised $4.5 million in Series A funding from Chicago Ventures, Bullpen Capital, Battery Ventures, OCA Ventures, Pritzker Group Venture Capital, Lightbank, G2T3V, e.ventures, Draper Associates and 500 Startups.
SpotHero lets users locate parking spaces and reserve spots using smartphones. Many garages have empty spaces that can offer excess inventory through SpotHero. SpotHero sets up deals with individual drivers based on the time and the demand. SpotHero launched out of TechStars Chicago (formerly Excelerate Labs).
The company raised $2.5 million in a seed round led by Battery Ventures in 2012. It is now available in cities like Milwaukee, New York City, Newark, Boston, Baltimore, and D.C.