Metropolis has successfully raised $225.5 million over three funding rounds, achieving a valuation of $442.5 million. The company leverages advanced computer vision and machine learning technology to revolutionize mobile commerce and parking operations.
Keep reading to explore the intricacies of Metropolis's fundraising journey and the investors backing this innovative platform.
What Is Metropolis?
Metropolis Technologies, Inc. leverages advanced computer vision and machine learning to revolutionize mobile commerce and parking operations. Founded in 2017, the company operates in major cities like Los Angeles, New York City, and Austin.
With a team of 51-200 employees, Metropolis aims to create a seamless, "checkout-free" parking experience for drivers while optimizing revenue for real estate owners. The company is rapidly scaling its operations across various metropolitan centers.
Although the founders' names are not publicly disclosed, Metropolis continues to attract significant investment and talent, positioning itself as a leader in the mobility and real estate technology sectors.
How Much Funding Has Metropolis Raised?
- First Funding Round
- Amount Raised: $41 million
- Date: February 16, 2021
- Lead Investors: 3L
- Motivation Behind the Round: To expand its footprint to more than 600 locations over the next year and to develop a broader array of urban mobility services.
- Series B Round
- Amount Raised: $167 million
- Date: June 15, 2022
- Lead Investors: 3L Capital and Assembly Ventures
- Motivation Behind the Round: The funds will be used for product development, expanding the team, and entering new mobility-adjacent verticals.
Metropolis has raised a total of $208 million and is currently valued at $442.5 million.
Key Investors
- 3L Capital
- Details: 3L Capital is a global growth equity firm that co-led Metropolis's Series B funding round. The firm focuses on investing in high-growth companies across various sectors.
- Investment Focus Areas: Technology, infrastructure, consumer services
- Notable Investments: Scopely, The RealReal, GoPuff
- Assembly Ventures
- Details: Assembly Ventures is a venture capital firm that co-led the Series B funding round for Metropolis. The firm specializes in investing in transformative mobility and infrastructure technologies.
- Investment Focus Areas: Mobility, infrastructure, technology
- Notable Investments: Not publicly disclosed
- Dragoneer
- Details: Dragoneer is an investment firm known for backing high-growth technology companies. They participated in Metropolis's Series B funding round.
- Investment Focus Areas: Technology, consumer internet, software
- Notable Investments: Airbnb, DoorDash, Spotify
- Eldridge Industries
- Details: Eldridge Industries is a diversified investment firm with interests in various sectors, including technology and media. They participated in Metropolis's Series B funding round.
- Investment Focus Areas: Technology, media, real estate
- Notable Investments: DraftKings, Fanatics, The Hollywood Reporter
- Silver Lake Waterman
- Details: Silver Lake Waterman is a growth capital firm that focuses on technology investments. They participated in Metropolis's Series B funding round.
- Investment Focus Areas: Technology, software, digital media
- Notable Investments: Twitter, Dell Technologies, Alibaba
What's Next for Metropolis?
Metropolis is poised to capitalize on a vast array of opportunities, from expanding its product development to entering new mobility-adjacent verticals. With over 600 parking facilities and 1.8 million users, the company is well-positioned to enhance its analytics, sales, and marketing capabilities. The potential to partner with local businesses for promotions and discounts further amplifies its growth prospects.
Future fundraising rounds seem inevitable as Metropolis continues to attract significant investment. The company's innovative approach and solid fundamentals make it an attractive option for investors. However, challenges such as competition from other tech-forward parking management companies and integrating new acquisitions could pose hurdles. Adapting to changes in urban mobility trends and maintaining data privacy will also be crucial for sustained success.
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