Excelerate Labs Grad SpotHero Raises $2.5 Million

December 13, 2012

Parking reservations company SpotHero announced today a $2.5 million raise in a round led by Battery Ventures and including 500 Startups, David Cohen’s Bullet Time, e.Ventures, OCA Ventures, New World Ventures, Lightbank, & Draper VC. 


(Image via SpotHero's Facebook page)

"[We are] excited about the partners we have brought on and ready to get back to business and to grow the company," says Mark Lawrence, CEO and co-founder of SpotHero.

SpotHero allows users to find and reserve affordable parking spots via its mobile app and website for a day, a specific event, or a month-to-month basis. Currently, SpotHero operates in Chicago and Milwaukee, but Lawrence says they have plans to expand into other cities. 

"We're making it easier to find parking  which normally is an entirely frustrating experience," Lawrence says. 

SpotHero, which went through the Excelerate Labs program, launched in July 2011 and now has 11 employees. It began operations earlier in 2012 and, according to a press release, has raised over $2,000,000 in parking revenue for its partners, some of the country's largest parking operators.

Lawrence says the new funds will go toward hiring software engineers, marketing and launching in new cities. 

Visit SpotHero's website, check out their BIC profile, and follow them on Twitter at @spothero.