Digital Parking Company SpotHero Secures $50 Million

By Noah Long ● August 26, 2019
  • Digital parking leader SpotHero announced it raised $50 million in Series D funding

SpotHero — a digital parking leader — announced it raised $50 million in Series D funding led by Macquarie Capital. This brings SpotHero’s total funding to date to $118 million. Union Grove Venture Partners also participated in the round along with existing investors including Insight Venture Partners, Global Founders Capital, OCA Ventures, AutoTech Ventures, and several others.

This new round of funding will be used to accelerate marketplace growth, expand the digital platform for the parking industry, strengthen partnerships with leading mobility companies, and deepen SpotHero’s technology stack to standardize and optimize access to parking throughout North America.

SpotHero is known for driving the digital transformation of the $20 billion off-street parking industry with hardware and software solutions aimed at drivers, parking operators and property owners, and mobility partners. And the company offers the largest place to buy and sell parking in North America and has helped digitize nearly 7,000 parking facilities in the US and Canada. Plus SpotHero’s consumer products help millions of drivers find, book and access parking while the SpotHero developer platform and API powers parking at scale for fleets, connected cars, and urban mobility apps.

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“By standardizing the way parking is bought and sold, we are introducing the same visibility into parking inventory that people expect from the airline or hospitality industries,” said SpotHero CEO and co-founder Mark Lawrence. “That’s a big win for drivers, but there’s still a lot of work to be done to modernize parking. Together with our network of more than 1,000 operator and platform partners, and our new and existing investors, we look forward to bringing this next phase of industry growth to life.”

SpotHero has achieved a number of milestones this year alone. For example, SpotHero reached half a billion dollars in all-time sales, the majority transacted within the past year. And the company is now on pace to reach $1 billion all-time transactions within the next year.

SpotHero also assembled a team of executives from Uber, Expedia, Groupon, and Cars.com and is planning to double product and engineering headcount to more than 100 in the next year.

SpotHero also announced SpotHero for Fleets, which is an industry-first parking-as-a-service solution designed to support the car-sharing economy and help accelerate the mobility industry’s eventual transition to autonomous vehicles. Plus SpotHero hit more than 900 distribution partnerships and integrations including everything from Google Assistant (for voice-enabled parking), Waze (for seamless in-app navigation to parking), Hertz and car2go (for fleet parking), WeWork (for commuter parking), and Moovit (for multi-modal parking). And SpotHero for Business was rolled out to over 600 corporate travel and enterprise clients.

“SpotHero is in position to transform the entire parking industry and has built a foundation to support the future of mobility for a long time to come, including the movement towards shared use and EV fleets,” added Macquarie Capital senior vice president Lucas Joynt. “SpotHero’s leadership position makes the company an attractive investment for Macquarie Capital as we continue to drive innovation at the intersection of infrastructure, real estate, and technology. We look forward to supporting SpotHero as it scales to its next phase of growth.”