SpotHero Secures $30 Million to Accelerate Market Expansion, Business Partnerships and Product Innovation
CHICAGO--(BUSINESS WIRE)--SpotHero, North America’s leading parking reservation service, announced today that it has raised $30 million on the heels of record growth. SpotHero’s Series C funding round further accelerates the company’s ability to bring to market innovative parking reservation tools and mobile technologies that make parking easy and efficient, bridging today’s transportation needs with those of the future. Insight and other existing investors along with new investor Global Founders Capital lead the $30M Series C growth round. Autotech Ventures, a transportation-focused fund that invests in software and electronics startups enabling connected and autonomous vehicles, participated as well.
“We continue to see unprecedented growth, hire extremely talented individuals and have an exponentially expanding, loyal customer base who love the value we add in their daily lives,” said Mark Lawrence, CEO of SpotHero. “This is all possible thanks to our incredible existing investors such as Insight Venture Partners, and new investors like Global Founders Capital, that believe in our mission. Combined, this extraordinary backing and expertise will drive SpotHero's next chapter.”
SpotHero partners with parking companies to provide off-street parking reservations through its free mobile app, offering a convenient and affordable way for consumers to guarantee a spot. The company’s Series C funding comes after a period of accelerated growth including 100 percent year-over-year growth in 2016, the acquisition of Parking Panda, and the launch of new technology platforms and applications for commuters, businesses, and partners.
“From the time we welcomed SpotHero into our portfolio, we have watched the company emerge as a category leader driven by best-in-class technology and consumer adoption of its mobile application,” said Harley Miller, vice president at Insight Venture Partners and board member for SpotHero. “We look forward to helping drive future success in this next phase of SpotHero’s growth.” The funding will be used to:
- Advance market opportunities – Capitalizing on its industry leadership position in both the United States and Canada, SpotHero will continue its geographic expansion. In addition, the company will invest in advancing its mobile technologies with first-to-market features and integrations to service today’s mobile-first customer, as well as the autonomous vehicles (AVs) and smart cities of tomorrow.
- Accelerate product development and innovation – Funding will also be dedicated to SpotHero’s rapid growth of its SaaS (software as a service) product lines. This includes HeroTech — a comprehensive suite of mobile payment and operations apps for parking management companies — to be launched this summer.
- Enhance SpotHero’s business development and partner tools – SpotHero continues to expand its strategic marketplace and OEM partnerships. The new funding fuels expansion of its transportation layer API and Parking Developer Platform (PDP), which enable websites, apps and autonomous vehicle manufacturers to extend SpotHero’s parking reservation functionality to their interfaces.
“The future of urban transportation is so exciting because of such rapid changes – from self-driving cars, to instant, cashless payments, to making cities greener by decreasing carbon footprints,” said Ludwig Ensthaler, partner at GFC. “There’s no doubt that SpotHero is at the forefront of the evolution of parking, leading the industry with its people, marketplace, products and services. We are thrilled to participate in this round and support the company’s remarkable growth.”
The list of existing investors for this round includes Insight Venture Partners, OCA Ventures, Chicago Ventures, Levy Family Partners, Bullpen Capital, Pritzker Group Venture Capital, Draper Associates, Sam Yagan, Corazon Capital, Daniel Hoffer and Math Venture Partners.
SpotHero, North America’s leading parking reservation service, empowers drivers with easy parking at thousands of garages, lots, and valets in major cities across the US and Canada. Launched in 2011, SpotHero is headquartered in Chicago and has secured $57.5 million in funding. To learn more, visit www.spothero.com.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $13 billion and invested in nearly 300 companies worldwide. Our mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit https://www.insightpartners.com/ or follow us on Twitter: @insightpartners.
About Global Founders Capital (GFC)
Global Founders Capital (GFC) is a globally oriented, stage agnostic venture capital fund that supports ambitious entrepreneurs world-wide. GFC manages more than $1.65 billion in assets and has offices in San Francisco, London, Berlin, Paris, & Singapore.