The new amount raised brings SpotHero’s total fundraise so far to $118 million. Other participants in the round included Union Grove Venture Partners, and previous investors Insight Venture Partners, Global Founders Capital and others also invested again.
The money is going to be used to kickstart growth in the marketplace, expand the company’s digital platform in the industry, make partnerships stronger with mobility companies and strengthen the company’s tech stack to standardize access and options for parking throughout North America.
“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 Mark Lawrence, CEO and co-founder of SpotHero. “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.”
The company has been pushing the digital integration of the off-street parking space, an area which is worth about $20 billion. The company’s hardware and software solutions are meant for drivers, property owners and parking operators, as well as mobility partners.
The company said it has helped to digitize about 7,000 parking lots in Canada and in the U.S. It helps drivers find, book and have access to parking, and its API helps fleets to park at scale, as well as urban mobility apps and connected apps.
So far this year, SpotHero has reached half a billion dollars in all-time sales — and said it will reach a billion in the next year.
“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,” said Lucas Joynt, senior vice president of Macquarie Capital. “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.”