ParkWhiz just upped the ante in the battle for on-demand parking apps — big time.
The Chicago-based company raised a $24 million Series C round of funding today to “aggressively focus on continued mobile growth.”
“With our focus on providing drivers a frictionless parking experience and parking operators with efficient technology, we have grown to be the leader in the on-demand parking space,” said Aashish Dalal, ParkWhiz co-founder and CEO, in a statement.
The round was led by Baird Capital and saw participation from Beringea, a growth capital investor, and Jump Capital, a returning investor.
Part of the round will be used to acquire New York City-based BestParking. Terms of that deal were left undisclosed.
The acquisition broadens ParkWhiz’s already extensive breadth of coverage: now, the company offers more than 4,000 parking locations, 800,000 parking spaces, and presence in 50-plus cities across the US.
“Complementing ParkWhiz with BestParking’s leadership position in New York City and expertise in sourcing nationwide parking data, combined we become the foremost resource for drivers and parking providers.” Dalal said in a statement. “With the new funding and the acquisition, we will be better positioned to innovate and scale even faster.”
Together the companies roped in more than $50 million in revenue to parking operators last year and helped park more than one million cars — and that’s just in NYC.
ParkWhiz helps drivers discover and book high-demand parking spots in cities and is available for free for both iOS and Android devices.
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