SpotHero, a Chicago, IL-based mobile app helping drivers reserve parking on demand, raised $4.5m in Series A funding.
Backers included Chicago Ventures, Bullpen Capital, Battery Ventures, OCA Ventures, Pritzker Group Venture Capital, Lightbank, G2T3V, e.ventures, Draper Associates and 500 Startups. In addition, Mike Gamson of LinkedIn will join SpotHero’s Board of Directors, which includes Sam Yagan (CEO of Match.com) and experienced venture capitalist Sam Guren.
The company intends to use the proceeds to expand their parking supply and national presence.
Led by and Mark Lawrence, Co-Founder and CEO, and Jeremy Smith, Co-Founder and COO, SpotHero provides a free mobile app for iPhone and Android provides drivers with a way to find parking in convenient garages and lots, compare affordable rates and reserve spots in advance. The app helps garages fill unsold inventory, and also helps drivers know exactly where they will park and how much they will pay.
It is present in seven markets including Chicago, New York, Washington DC, Boston, Baltimore, Newark and Milwaukee.
The company has 22 full-time employees.
13/12/2012: SpotHero Raises $2.5M in Funding