Thu, 12/06/2014 - 10:09
SpotHero, a mobile app helping drivers reserve parking on demand, has secured a Series A investment of USD4.5 million.
The funding round included participation from Chicago Ventures, Bullpen Capital, Battery Ventures, OCA Ventures, Pritzker Group Venture Capital, Lightbank, G2T3V, e.ventures, Draper Associates and 500 Startups.
Mike Gamson of LinkedIn will join SpotHero's board of directors, which includes Sam Yagan (CEO of Match.com) and experienced venture capitalist Sam Guren.
SpotHero's free mobile app for iPhone and Android helps drivers find parking in convenient garages and lots, compare affordable rates and reserve spots in advance. The app helps garages fill unsold inventory, and also helps drivers know exactly where they will park and how much they will pay.
"I started SpotHero to make a few extra bucks renting out my friends' parking spots," says Jeremy Smith, co-founder and chief operating officer of SpotHero. "Three years later, we've partnered with the largest parking operators in the country and are sending individual parking garages as much as USD500,000 per year in incremental revenue."
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