L Catterton has invested $60 million in Austin, Texas-based FlashParking, a parking technology company. BofA Securities was financial adviser to FlashParking.
AUSTIN, Texas & GREENWICH, Conn.–(BUSINESS WIRE)–January 15, 2020–FlashParking, the leader in parking technology, today announced that it has received a $60 million strategic investment from the Growth Fund of L Catterton, the largest and most global consumer-focused private equity firm. The investment will be used to scale FlashParking’s industry-leading extensible, cloud-based parking system that enables 21st-century parking and the evolution of isolated parking assets into connected mobility hubs.
Launched in 2011 as the industry’s first cloud-born parking technology, FlashParking is perfecting the parking experience with real-time data visibility and actionable intelligence, including supply data and dynamic pricing, to diversify revenue and deliver a frictionless experience. Today, FlashParking’s mobility hub operating system is the connective layer that transforms parking assets into multi-purpose mobility hubs where parking, transportation, mobility, and logistics intersect within a smart city environment. FlashParking’s operating system empowers real estate owners, parking operators, and cities to tackle complex mobility issues such as congestion, lack of visibility into supply and demand, and fragmented consumer experiences.
“FlashParking is a best-in-class parking solutions provider with proven technology and an industry-first cloud-based software solution,” said Michael Farello, Managing Partner, L Catterton Growth Fund. “We are pleased to partner with the FlashParking leadership team to accelerate the Company’s growth and facilitate the delivery of mobility services to consumers and businesses.”
The mobility industry is facing a paradigm shift that is moving the conversation toward systems that can support today’s and tomorrow’s mobility services rather than typical “to” and “from” mobility technologies. To get ahead of this evolution, in the coming months FlashParking intends to announce new partnerships with transportation, logistics, and mobility companies that are leveraging its platform.
“Over the last nine years, we have built the FlashParking platform with quality and adaptability in mind by making it cloud-based, mobile-first, and future-ready. This unique platform has allowed us to configure an operating system that’s not only the best solution for parking infrastructure today but also a model that’s ready for tomorrow,” said Juan Rodriguez, co-founder of FlashParking. “With this funding from L Catterton, we’ll be able to quickly scale our mobility hub operating system and become the only company that can turn customers’ parking assets into facilities that enable every facet of mobility, including mobile-enabled parking and valet, staging for TNCs, charging for electric vehicles, cleaning and servicing, drone launching and landing, and points for delivering.”
FlashParking’s ability to innovate the parking experience has never been more evident than through its partnership with Texas Medical Center (TMC), the world’s largest medical city. In May 2018, TMC chose FlashParking to help modernize its facilities and better respond to the evolving mobility ecosystem. Today, FlashParking’s mobility platform controls 30,000 parking spaces via 230 lanes across 34 facilities while simplifying parking, reducing congestion, improving traffic flow, and enhancing the experience for the more than 10 million patients, visitors, staff, and students who visit TMC annually.
In addition to TMC, FlashParking is delivering at an enterprise scale of more than 6 million parkers per month and processing $1 billion in transactions at more than 1,300 locations worldwide.
Rodriguez continued, “L Catterton has an unparalleled track record of building leading brands and rapidly scaling operations, which makes them the ideal partner for us as we grow and expand our business. We look forward to leveraging L Catterton’s expertise and experience scaling multi-sided marketplaces as we work together to build out connected mobile hubs that deliver value to all stakeholders.”
L Catterton has significant experience in investing globally in technology-enabled marketplaces and businesses. Current and past investments include ClassPass, Artsy, Vroom, Get Your Guide, and Enjoy.
BofA Securities served as financial advisor to FlashParking.
To learn more about FlashParking’s mobility hub vision and operating system, please visit www.flashparking.com.
FlashParking is a leading parking technology company that addresses some of the most complex transportation problems facing urban societies. Founded in 2011 to perfect the parking experience, FlashParking has grown to serve thousands of operations, enterprise portfolios, and smart cities nationwide. Today, the company is enabling traditional parking assets to evolve into next-generation mobility hubs by implementing future-ready hardware and software infrastructure, a powerful business intelligence engine, and a robust partner ecosystem. FlashParking is the best parking solution for today and the only mobility solution for tomorrow. Visit us at www.flashparking.com to learn more.
About L Catterton
With approximately $20 billion of equity capital across seven fund strategies in 17 offices globally, L Catterton is the largest consumer-focused private equity firm in the world. L Catterton’s team of more than 190 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad thought partnership network. Since 1989, the firm has made over 200 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH, and Groupe Arnault. For more information about L Catterton, please visit www.lcatterton.com.