Total amount raised
$149.6 Millions
Latest funding date
08/01/2019
Location
Title
SpotHero has successfully raised significant funding over multiple rounds, establishing itself as a key player in the parking reservation industry. The platform offers a seamless way for users to reserve parking spots in advance, catering to various needs such as hourly, daily, monthly, event, and airport parking.
Keep reading to delve into the details of SpotHero's fundraising journey and the investors who are supporting this innovative platform.
What Is SpotHero?
SpotHero, founded in 2011 in Chicago, Illinois, is a digital parking marketplace that connects drivers with parking spaces offered by operators, garages, and private individuals. The company was established by Mark Lawrence, Larry Kiss, and Jeremy Smith.
SpotHero allows users to find, book, and pay for parking spots through its website and mobile app, providing real-time information on availability and pricing. This service helps users save time and money by offering a seamless parking experience.
As of the latest information, SpotHero employs between 200 and 500 people, contributing to its operations in over 300 cities across North America, including an expanding presence in Canada.
How Much Funding Has SpotHero Raised?
- Series A Round
- Amount Raised: $2.5 million
- Date: December 13, 2012
- Lead Investors: Battery Ventures
- Motivation Behind the Round: Expand services to new markets beyond Chicago and Milwaukee.
- Series B Round
- Amount Raised: $20 million
- Date: August 19, 2015
- Lead Investors: Insight Venture Partners
- Motivation Behind the Round: Accelerate marketing efforts, explore strategic relationships, and hire new employees.
- Series C Round
- Amount Raised: $30 million
- Date: July 18, 2017
- Lead Investors: Insight Venture Partners, Global Founders Capital
- Motivation Behind the Round: Advance market opportunities, accelerate product development, and enhance business development and partner tools.
Total Amount Raised: $52.5 million. Current Valuation: Not publicly disclosed.
Key Investors
- Insight Venture Partners
- Details: A global venture capital and private equity firm investing in high-growth technology and software companies. Founded in 1995, it has raised more than $13 billion and invested in nearly 300 companies worldwide.
- Investment Focus Areas: Technology, software, high-growth companies.
- Notable Investments: Twitter, Shopify, DocuSign.
- Global Founders Capital (GFC)
- Details: A globally oriented, stage-agnostic venture capital fund supporting ambitious entrepreneurs worldwide. GFC manages more than $1.65 billion in assets with offices in San Francisco, London, Berlin, Paris, and Singapore.
- Investment Focus Areas: Various stages, ambitious entrepreneurs, global reach.
- Notable Investments: Facebook, LinkedIn, Slack.
- Battery Ventures
- Details: A global, technology-focused investment firm pursuing the most prominent companies and ideas. Battery Ventures has been investing in technology and innovation-driven companies since 1983.
- Investment Focus Areas: Technology, software, industrial technology.
- Notable Investments: Akamai Technologies, Groupon, Nutanix.
- Autotech Ventures
- Details: A transportation-focused fund investing in software and electronics startups enabling connected and autonomous vehicles. Autotech Ventures aims to support the future of transportation through strategic investments.
- Investment Focus Areas: Transportation, connected vehicles, autonomous vehicles.
- Notable Investments: Lyft, Outdoorsy, Volta Charging.
- OCA Ventures
- Details: A venture capital firm focused on early-stage and growth equity investments. OCA Ventures has a strong track record of supporting innovative technology companies.
- Investment Focus Areas: Technology, financial services, healthcare.
- Notable Investments: Base CRM, Cleversafe, Trunk Club.
What's Next for SpotHero?
SpotHero stands at the cusp of significant growth opportunities, driven by the increasing demand for efficient urban parking solutions. The company plans to expand geographically across North America, leveraging its innovative mobile technologies and SaaS product lines. This expansion is bolstered by strategic partnerships with OEMs and advancements in their transportation layer API and Parking Developer Platform (PDP).
Future fundraising rounds seem likely as SpotHero continues to scale, potentially attracting more venture capital to support its ambitious growth plans. However, the company will need to navigate challenges such as intense competition, technological integration, and maintaining service quality while scaling operations. Adapting to rapid changes in urban transportation, including the rise of autonomous vehicles, will also be crucial for sustained success.
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