SpotHero Inks $2.5M

SpotHero, a parking garage reservation startup, has raised $2.5 million in a round led by Battery Ventures. 500 Startups, David Cohen’s Bullet Time, e.Ventures, OCA Ventures, New World Ventures, Lightbank,and Draper VC also participated. Chicago-based SpotHero is a mobile app and website that allows drivers to reserve parking spots.

PRESS RELEASE

Parking garage reservation startup SpotHero, today announced it raised $2.5 Million in funding. The round was led by Battery Ventures with 500 Startups, David Cohen’s Bullet Time, e.Ventures, OCA Ventures, New World Ventures, Lightbank, & Draper VC also participating. SpotHero recently completed Chicago’s well-known accelerator, Excelerate Labs, and this funding will help it grow its engineering team and expand nationwide.

SpotHero is a mobile app and website that allows drivers to easily reserve their perfect parking spot on the go, saving time and money while eliminating the frustration of searching for a parking spot. “How many times have you been frustrated by parking? We created SpotHero to solve this problem by helping drivers get the right spot with just a few clicks” says SpotHero CEO and Founder Mark Lawrence.

SpotHero began operating earlier this year and has already brought over $2,000,000 worth of parking revenue to some of the largest national parking operators. “Our parking partners know that their customers are online and looking for convenience, that is what we deliver – while helping the lots fill their unused spaces with paying customers ” says Lawrence

The company has experienced significant growth over the second half of 2012. Currently available in Chicago and Milwaukee, SpotHero plans to use their funding to open new markets. In addition, they are actively hiring developers to help scale and improve their product.

Related Posts

Leave a Reply

PEHUB Community

Join the 12503 members of peHUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Look Who’s Tweeting

Psst! Got any hot tips?

  • This field is for validation purposes and should be left unchanged.

PE HUB News Briefs

RSS Feed Widget

Marketplace

VCJ Headlines (subscribers only)

RSS Feed Widget

Buyouts Headlines (subscribers only)

RSS Feed Widget

Reuters VC and PE feed

RSS Feed Widget