After the Covid-19 pandemic decimated parking volume in 2020, drivers have finally started hitting the road again. And that's meant good news for parking app companies like SpotHero.
Parking apps have fully recovered from their pandemic lows, with usage 6.2% above January 2020 levels, according to Apptopia, a data firm that tracks real-time app usage. That's in stark comparison to transit apps, which remain 38.7% behind January 2020 usage, Apptopia found, indicating that people are more comfortable driving than jumping on public transportation. U.S. traffic levels were up 55% in April compared to the same time last year.
In addition to usage, new downloads are also increasing. SpotHero has been the second fastest growing parking app in the U.S. based on year-to-date monthly downloads, according to Apptopia, increasing 281%. It trails only ParkMe Parking, which has grown more than 500% year to date.
The return to normal parking levels has helped SpotHero reach profitability for the first time in its 10-year history, according to Bloomberg.
SpotHero saw parking volume plummet 90 percent in the early days of the pandemic. It went through multiple rounds of layoffs last year, ultimately trimming around half its staff. The startup has raised $118 million since launching in 2011, including $50 million in 2019.
To date, SpotHero says it has parked tens of millions of cars across 300 cities in the U.S. and Canada.
