HonkMobile, a Canadian provider of on-demand mobile payments for parking, has secured $3 million in seed-stage funding. The round was led by Impression Ventures, a Canadian venture capital firm, and was joined by several angel investors. Based in Toronto, HonkMobile has developed cloud-based technology that allows users to search, pay for, and top up parking from any connected device. It is currently accepted at over 400 locations and 15,000 parking spaces in North America. The startup, which was founded by CEO Michael Back in 2013, plans to use the investment’s proceeds to scale sales, marketing and technology infrastructure to support continued growth.
HonkMobile Raises $3 Million in Seed Funding Led by Impression Ventures
TORONTO, ON–(Marketwired – October 02, 2015) – HonkMobile, North America’s fastest and most convenient way to find and pay for parking, announced today that it has raised $3 million in a seed round of funding that was led by Impression Ventures along with other angel investors.
HonkMobile’s cloud-based technology streamlines parking by allowing users to search, pay for, and top up parking from their mobile phone, tablet or any Internet connected device. The app also allows users to store and manage receipts. Using a single account, motorists can pay for parking anywhere HonkMobile is accepted across North America.
“We are changing the business of parking. Not only do we increase profitability for traditional parking operators, but we’re using our proprietary technology to bring additional parking spots into the market and monetize real estate that traditional parking technologies can’t enable,” says HonkMobile founder & CEO Michael Back. “Impression Ventures shares our vision and, with its resources and assistance, will significantly accelerate our growth plan.”
HonkMobile will use the proceeds to scale its sales, marketing and technology infrastructure to support its rapid growth across North America. The company views parking as more than just storing vehicles. With the help of this growth capital, the company will employ its pioneering technology to shift the parking industry forward, connecting more people, more efficiently, to the places they want to be. This will result in stimulated growth for parking operators and increased economic development in North American cities.
“Parking technology hasn’t changed much over the years,” says Impression Ventures Managing Partner Bryan Kerdman. “HonkMobile is improving the parking experience for drivers while significantly increasing efficiency and profitability for parking operators. That, combined with a management team with a proven track record of success, is exactly what we look for when making early stage investments.” Bryan will be joining the HonkMobile Board.
To download the app or learn more visit www.honkmobile.com.
HonkMobile is North America’s leading provider of on-demand mobile payments for parking. HonkMobile’s cloud-based technology streamlines parking by allowing users to search, pay for, and top up parking from their mobile phone, tablet or any Internet connected device. HonkMobile is already accepted at over 400 locations and 15,000 parking spaces across Canada and the United States.
The HonkMobile app can be downloaded for free on both iOS and Android at www.honkmobile.com or via the App Store or Google Play.
About Impression Ventures
Impression Ventures is a venture capital fund focused on investing in financial and related technology companies. Impression is led by Bryan Kerdman and Christian Lassonde, both successful entrepreneurs with experience building multiple complex software businesses in the US and Canada. Impression brings more than 20 years of top quartile venture fund performance to the Canadian venture market.
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Photo courtesy of HonkMobile