SpotHero, a Chicago, IL-based provider of on-demand parking services, closed a $20m Series B round of funding.
The round was led by Insight Venture Partners with participation from existing investors Battery Ventures, Bullpen Capital, Chicago Ventures, Draper Associates, OCA Ventures, Pritzker Group Venture Capital and 500 Startups as well as Monkfish Equity, an investment group started by the founders of trivago.
The company, which has raised $27m in total capital, intends to use the funds to accelerate marketing efforts, explore strategic relationships and hire 25 new positions in Chicago, New York City and San Francisco.
Led by Mark Lawrence, co-founder and CEO, SpotHero provides on-demand parking service for people to book parking with garages, lots and valets. The company partners with parking operators to market unsold parking spaces to drivers through a mobile app and website.
The company currently partners with more than 1,500 parking locations in major US metro areas, including San Francisco, New York, Chicago, Washington D.C., and Boston.