SpotHero fuels expansion plans with Series C funding - Mobile World Live

SpotHero fuels expansion plans with Series C funding

18 JUL 2017

SpotHero, an app helping users in North America reserve and pay for parking, raised $30 million in a Series C funding round, which it plans to use to fund a new range of reservation tools and invest in mobile technologies.

Insight Venture Partners and other existing backers along with new investor Global Founders Capital led the round, which brings the total amount invested in SpotHero since its foundation in 2011 to $57.5 million.

Autotech Ventures, a transportation-focused fund which invests in software and electronics start-ups enabling connected and autonomous vehicles, also participated.

SpotHero partners with parking companies to provide off-street parking reservations through a mobile app.

Mark Lawrence, CEO (pictured, right), said the funding comes as the company experiences “unprecedented growth” in user numbers and its broader business. In a statement, SpotHero highlighted the acquisition of Parking Panda and the launch of new technology platforms and applications for commuters, businesses and partners as examples.

It plans to use the fresh funds to continue its geographic expansion and invest in advancing its mobile technologies to service mobile-first customers, and prepare for future development of autonomous vehicles and smart cities.

It also wants to grow its software as a service (SaaS) product lines. These includes HeroTech, a suite of mobile payment and operations apps for parking management companies, which it is preparing to launch in the coming weeks.

The company will also expand its transportation layer application programming interface and Parking Developer Platform, which enable websites, apps and autonomous vehicle manufacturers to extend SpotHero’s parking reservation functionality to their interfaces.

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Saleha Riaz

Saleha joined Mobile World Live in October 2014 as a reporter and works across all e-newsletters - creating content, writing blogs and reports as well as conducting feature interviews...More

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