SpotHero announced $50 million in Series D funding led by Macquarie Capital, bringing SpotHero’s total funding to date to $118 million. Union Grove Venture Partners participated in the round, along with existing investors including Insight Venture Partners, Global Founders Capital, OCA Ventures, AutoTech Ventures and others. The new capital 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 driving the digital transformation of the $20B off-street parking industry with hardware and software solutions aimed at drivers, parking operators and property owners, and mobility partners. 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. 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.
In the first half of 2019, SpotHero:
- Reached half a billion dollars in all-time sales, the majority transacted within the past year. The company is now on pace to reach $1 billion all-time transactions within the next year;
- 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;
- Announced SpotHero for Fleets, 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;
- Hit 900-plus 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;
- Rolled out SpotHero for Business to over 600 corporate travel and enterprise clients.