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For an app that’s so focused on parking — on quite literally bringing your car to a total standstill — there’s something poetic about the speed at which they're accelerating toward success.
But that’s SpotHero for you.
On Wednesday, the on-demand parking app announced the close of its Series B round, landing $20 million in funding. The round, which was led by Insight Venture Partners and a multifarious crew of existing investors like OCA Ventures and Pritzker Group Venture Capital (among others), brings SpotHero’s fundraising total to $27 million.
Founded in 2011 in Chicago, SpotHero has already expanded to a number of other markets, including San Francisco (thanks in part to their acquisition of ParkPlease earlier this year), New York, Washington D.C., and Boston. According to a statement by the company, the startup has parked over one million cars in its hometown and reports a month-over-month growth rate of 20 percent.
“We’ve dedicated the last five years to building a company that makes life easier for drivers,” said Mark Lawrence, co-founder and CEO of SpotHero, in a statement. “Thanks to Insight Venture Partners, Monkfish Equity and our existing investors, we will be able to fulfill our mission at an even larger scale.”
The highest ranking on-demand parking app in the Apple iTunes Store and Google Play, SpotHero offers over 1,500 parking locations across its markets, giving users a convenient and affordable way to ever-avoid the anxiety of getting a parking violation.
The company said the new funding will be used to expand its marketing presence as well as explore a number of new strategic partnerships. They’re also hiring — 25 new positions have opened up in Chicago, New York City, and San Francisco as a result of the investment.
“SpotHero has become the undeniable industry leader,” said Jeff Lieberman, managing director at Insight Venture Partners, in the statement. “We’ve been impressed by the company’s growth rate, customer satisfaction and passionate management team. We are pleased to partner with them as they grow nationwide.”
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