Investments

Alexa Fund Invests $5M In Parking Startup

ParkWhiz announced it has received an additional $5 million in equity to its recently-announced Series D financing, bringing the total funding round led by NewSpring Capital to $25 million.

The additional funding comes from strategic investors including Amazon’s Alexa Fund, Alate Partners, Chaifetz Group and Purple Arch Ventures. The money will be used to expand the company’s parking network, Arrive, which provides friction-free access to parking lots in select markets.

“The Alexa Fund was created to support companies building compelling products and services that leverage voice technology, and ParkWhiz is a fast-growing company that fits that profile perfectly,” Paul Bernard, director of the Amazon Alexa Fund, said in a press release. “Customers love using its Alexa skill to find and reserve parking spaces using just their voice, and we’re excited to support them as they pursue deeper integrations with Alexa at home and on the go.”

“We’re excited to invest side-by-side with other great investors in a business model that we see as a disruptive force in the mobility space and that provides new options for the consumer,” added Dr. Richard A. Chaifetz, chairman of Chicago-based Chaifetz Group.

Working with all major parking operators, ParkWhiz has partnered with major brands in sports and entertainment, travel, automotive and navigation, including Ford, Ticketmaster / Live Nation, Groupon, Madison Square Garden and more. In addition, the company also operates its own two consumer-facing brands —ParkWhiz and BestParking—available for Apple, Android and Amazon Alexa. Over the past two years, ParkWhiz has provided more than 40 million customers with parking reservations and drive-up parking experiences in garages and lots in the U.S. and Canada.

“We’ve been working closely with Amazon and Alate Partners, and we’re excited to welcome them as strategic investors in ParkWhiz,” said Yona Shtern, CEO and executive chairman of ParkWhiz. “It represents an important opportunity for us to work together to further accelerate our growth, expand our inventory footprint to more premium properties in major urban centers across North America and bring a better way to park to millions of consumers through the Arrive Network.”

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