Miami-based parking technology solutions company ParkJockey has raised funding from the SoftBank Group, which gave the company a valuation of more than $1 billion according to the Miami Herald. Now Miami has its first startup with “unicorn” status.
ParkJockey and Mubadala Capital also announced they have entered a definitive agreement to buy Imperial Parking Corporation (known as Impark) from a subsidiary of Ontario Teachers’ Pension Plan and Citizens Parking — which are two of the largest parking operators in North America.
Founded by Ari Ojalvo (CEO) and Umut Tekin (President) in 2013, ParkJockey enables landlords to host or stage Lyft or Uber drivers at their garage or parking lots. And its parking management platform is used for PortMiami, Port Everglades, and AmericanAirlines Arena. Plus it handles parking for special events such as the Miami International Boat Show.
“ParkJockey’s technology enables property owners to better serve their consumers and improve the performance of their real estate assets. We are excited to partner with Impark and Citizens given their strong operating capabilities, complementary geographic reach and dedication to customer service,” said Ojalvo. “This acquisition will create growth opportunities for our real estate partners, our clients and our employees as urban mobility and infrastructure develop in the coming years. I look forward to working with James Hyman, CEO of Citizens, who will lead our parking platform business across North America and Europe and with Ty Stafford who will be responsible for all North American operations.”
The parking technology solutions developed by ParkJockey taps into proprietary software and hardware to make the parking experience more efficient for customers. And real estate owners can maximize the value of their parking spaces. Plus ParkJockey’s app-based technology has customized account management tools to help clients identify how to improve revenue and reduce costs.
“The parking industry is a significant market but remains fragmented with many opportunities for technological innovation,” said Michael Ronen, managing partner at SoftBank Investment Advisers. “Human mobility, however, is undergoing huge secular change and there is demand for new driver services, refueling, parking and vehicle staging near key high traffic locations. We believe ParkJockey is ideally placed to capitalize on these themes and transform the parking industry to create significant value for consumers and real estate owners alike. We are excited to support the combination of ParkJockey, Impark and Citizens and to work with Ari and his team to accelerate growth and explore emerging opportunities in the sector.”