SpotHero has its foot on the gas, and it’s not slowing down.
The Chicago-based on-demand parking startup announced Tuesday that it has raised $30 million in new funding, bringing the company’s total venture capital to date to $57.5 million.
SpotHero said it will uses the Series C funding to expand into more markets in the United States and Canada, grow its B2B offerings, and invest in new technology to make its app work with autonomous vehicles. It also plans to roll out other new features like mobile payment and operations apps for parking management companies.
“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,” Mark Lawrence, CEO of SpotHero, said in a statement.
Investors in the round include Insight Venture Partners, Global Founders Capital, 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, founded in 2011, connects drivers to parking decks and other off-street parking. The company said revenue grew 100 percent year-over-year in 2016.
In April, SpotHero acquired competitor Parking Panda in a deal that beefed up its presence on the East Coast and Canada. Parking Panda also helped expand SpotHero’s B2B operations, as it has deals with several pro sports teams and other venues to offer on-demand parking.
Parking Panda was SpotHero’s second acquisition in two years; it bought San Francisco's ParkPlease in 2015.
One of SpotHero’s remaining competitors is Chicago-based ParkWhiz, which has raised $36 million since it launched in 2006.
“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,” Ludwig Ensthaler, partner at GFC, added in the statement. “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."
