In the quest to rule on demand parking, SpotHero just made another big move.
On Thursday, Chicago startup SpotHero announced it has acquired Baltimore-based competitor Parking Panda, a deal that will beef up SpotHero's presence on the east coast as well as Canada, where Parking Panda was growing quickly.
Terms of the deal were not disclosed, but Parking Panda had raised $4.73 million to date.
The move increases SpotHero's B2B operations, as Parking Panda had established over 800 event partnerships, including deals with several NHL, NFL, MLB and NBA teams. SpotHero has been largely consumer focused, connecting drivers to open parking spots in garages and other off-street parking.
SpotHero says it now offers nearly 5,000 parking locations across North America, making it the category leader in on-demand parking. SpotHero says it's on track to park 20 million cars in 2017.
“We’re thrilled to combine forces with Parking Panda to bring easy parking to more drivers faster,” Mark Lawrence, co-founder and CEO of SpotHero, said in a statement. “We’ve long admired Parking Panda’s talented team and ability to drive product innovation. SpotHero’s consumer focus and great mobile experience are further strengthened by Parking Panda’s strong B2B technology and partnerships.”
Parking Panda's CEO and founder Adam Zilberbaum and COO James Bain will remain with SpotHero, the company said.
SpotHero has grown to 180 employees and raised $27 million since launching in Chicago in 2011. It has another major rival in Chicago-based ParkWhiz, a startup that launched in 2006 and has raised $36 million.
This is the second acquisition for SpotHero in the last two years. It bought San Francisco's ParkPlease in 2015.
Image via Parking Panda
