Online parking marketplace ParkWhiz said Monday that it has raised $10 million in Series B funding. Jump Capital led the round with participation from return backers Hyde Park Venture Partners, Reddit co-founder Alexis Ohanian, former Nokia/Navteq CTO Amreesh Modi, former Technology Crossover Ventures partner Henry Feinberg and Hyde Park Angels.
CHICAGO – July 21, 2014 – ParkWhiz, the nation’s largest and fastest growing online parking marketplace, announced today the closing of a $10 million Series B funding round led by Jump Capital. ParkWhiz will use the funding to further streamline the parking process, expand its geographical footprint and play a key role in the rapidly changing transportation sector.
In addition to Jump Capital, the funding round also includes current investors Hyde Park Venture Partners, Reddit co-founder Alexis Ohanian, former Nokia/Navteq CTO Amreesh Modi, former Technology Crossover Ventures Partner Henry Feinberg and Hyde Park Angels.
More than 1 million customers have booked parking through ParkWhiz, and the infusion of capital positions the company to grow this user base and capitalize on “connected car” initiatives, such as Apple CarPlay and Android Auto. ParkWhiz expects to add another 50 people to its current team of 25 over the next year.
“In 125 markets across the country, ParkWhiz offers easy-in, easy-out access to a wide range of parking options, many at a discounted rate, but we are only beginning to scratch the surface in terms of our growth and the services we provide,” said Aashish Dalal, co-founder and CEO of ParkWhiz. “With our Series B round, we can give drivers one-touch access to low-priced options through our free mobile app, with a secure, frictionless parking experience,” he added.
Parking is a $30 billion market in the US, according to the International Parking Institute, and is a source of great driver frustration, with 30 percent of downtown traffic congestion caused by drivers looking for a space. ParkWhiz simplifies the entire parking process by putting push-button convenience and on-demand service at every driver’s fingertips, saving them time, money and frustration, all while limiting their carbon footprints.
“Since its inception in 2006, ParkWhiz has pioneered a better way for drivers to find and pay for parking,” said Sach Chitnis, Managing Partner of Jump Capital. “We are excited to work with Aashish Dalal, who has proven to be a remarkable founder and CEO. He and the entire team have shown the ability to execute at scale, while simultaneously building a brand that is highly valued by its customers.”
The ParkWhiz online parking marketplace makes it easy for people to find and pay for parking in over 125 cities, with extensive options for Chicago parking, NYC parking, San Francisco parking, and Washington DC parking. Via the ParkWhiz website and mobile parking app, drivers can book guaranteed parking spots, often at discounted rates, before reaching their destinations at thousands of parking locations across the country.