SpotHero has closed a USD20 million Series B round led by Insight Venture Partners.
SpotHero’s existing investors – Battery Ventures, Bullpen Capital, Chicago Ventures, Draper Associates, OCA Ventures, Pritzker Group Venture Capital and 500 Startups – also participated in the round along with Monkfish Equity, an investment group started by the founders of trivago.
With this latest funding, SpotHero has raised USD27 million in total capital. The company will use the investment to accelerate marketing efforts, explore strategic relationships and hire 25 new positions in Chicago, New York City and San Francisco.
SpotHero’s on-demand parking service provides a convenient, affordable and worry-free way to book parking with garages, lots and valets. The company partners with parking operators to market unsold parking spaces to drivers through SpotHero’s mobile app and website. To date, SpotHero has parked over one million cars in Chicago alone, and is growing 20 per cent month-over-month. With more than 1,500 parking locations in major US metro areas, including San Francisco, New York, Chicago, Washington DC, and Boston, SpotHero is the No1 ranking on-demand parking service in the Apple iTunes Store and Google Play.
“We’ve dedicated the last five years to building a company that makes life easier for drivers,” said Mark Lawrence, co-founder and CEO of SpotHero. “Thanks to Insight Venture Partners, Monkfish Equity and our existing investors, we will be able to fulfil our mission at an even larger scale.”
“SpotHero has become the undeniable industry leader,” says Jeff Lieberman, managing director at Insight Venture Partners. “We’ve been impressed by the company’s growth rate, customer satisfaction and passionate management team. We are pleased to partner with them as they grow nationwide.”
