SpotHero Scoops Up $50M

By Jim Dallke -August 22, 2019

Chicago parking app SpotHero landed $50 million in new funding as it looks to help more people find on-demand parking.

The round was led by Macquarie Capital, an Australia-based investment bank. Other backers in the round include Insight Venture Partners, Global Founders Capital, OCA Ventures and AutoTech Ventures.

SpotHero has now raised $118 million since it launched in 2011. It’s the latest Chicago startup to crack the VC funding century mark, joining AMP AmericasFourkitesSprout Social, and G2 Crowd, who’ve all crossed over $100 million in total capital raised within the last 12 months.

SpotHero now offers drivers access to 7,000 off-street parking locations in 300 cities, making it the largest marketplace to find a parking spot in North America, the company said.

The startup said that its all-time sales have now reached more than $500 million, and it’s on pace to reach $1 billion in all-time transactions by 2020.

“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,” Mark Lawrence, CEO and co-founder of SpotHero, said in a statement.

Earlier this year, SpotHero announced SpotHero for Fleets, a parking-as-a-service solution for the car-sharing economy that helps fleet providers like Car2Go find parking—while also preparing for the industry’s eventual transition to autonomous vehicles. It launched SpotHero for Business in 2017, which helps employers manage parking spend. The startup said earlier this year that it has 600 enterprise clients on the platform.