Total amount raised
$14.5 Millions
Latest funding date
10/01/2021
Location
Title
AirGarage has successfully raised $14.5 million over two funding rounds, attracting investments from notable firms such as Andreessen Horowitz, Floodgate, and Founders Fund. The company focuses on repurposing parking real estate in cities, aiming to digitize and optimize urban real estate usage.
Keep reading to explore the intricacies of AirGarage's fundraising journey and the investors backing this innovative platform.
What Is AirGarage?
AirGarage, founded by Jonathon Barkl, Chelsea Border, and Scott Fitsimones, is headquartered in San Francisco. The company, established to repurpose parking real estate, focuses on digitizing and optimizing urban spaces. With a team of 11-50 employees, AirGarage operates over 150 locations across 30 states.
How Much Funding Has AirGarage Raised?
- Series A
- Amount Raised: $12,500,000
- Date: October 2021
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale services, roll out new software, and generate revenue from additional sources like food trucks and cloud kitchens.
- Seed
- Amount Raised: $2,000,000
- Date: May 2019
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: For initial product development, market research, and early-stage business operations.
Total Amount Raised: $14.5M. Current Valuation: Not publicly disclosed.
Key Investors
- Andreessen Horowitz
- Details: Andreessen Horowitz, also known as a16z, is a prominent venture capital firm based in Silicon Valley. It is known for its investments in high-growth technology companies.
- Investment Focus Areas: Technology, software, internet companies.
- Notable Investments: Facebook, Airbnb, Slack.
- Floodgate
- Details: Floodgate is a venture capital firm that focuses on early-stage investments. It has a reputation for backing innovative technology startups.
- Investment Focus Areas: Early-stage technology startups.
- Notable Investments: Twitter, Lyft, Okta.
- Founders Fund
- Details: Founders Fund is a venture capital firm that invests in companies across various stages and sectors. It is known for its bold investment strategies and support for groundbreaking technologies.
- Investment Focus Areas: Technology, healthcare, aerospace.
- Notable Investments: SpaceX, Palantir, Airbnb.
- Abstract Ventures
- Details: Abstract Ventures is a venture capital firm that invests in early-stage startups. It aims to support innovative companies with high growth potential.
- Investment Focus Areas: Early-stage startups, particularly in technology.
- Notable Investments: Not specifically mentioned.
- Angel Investors
- Details: AirGarage has also received investments from individual angel investors. These investors include founders and early employees of companies like Uber, Opendoor, and Flexport.
- Investment Focus Areas: Varied, but typically technology and innovative startups.
- Notable Investments: Specific investments are not listed, but they have backgrounds in companies like Uber, Opendoor, and Flexport.
What's Next for AirGarage?
AirGarage is poised to capitalize on the vast potential of underutilized parking real estate. With over 200 locations across 30 states, the company aims to expand its full-stack parking management services, introducing new revenue streams like parking for food trucks and cloud kitchens. This growth aligns with industry trends favoring technology-driven solutions in traditionally manual sectors.
As AirGarage scales, it may attract further investment rounds, drawing interest from those keen on proptech and smart city innovations. However, challenges such as resistance from traditional parking firms and the need for continuous innovation could pose hurdles. Managing logistics and operations efficiently will be crucial as they expand to more locations.
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