SpotHero, a Chicago, IL-based digital parking company, raised $50 million in Series D funding.
The round, which brought SpotHero’s total funding to date to $118m was led by Macquarie Capital, with participation from Union Grove Venture Partners and existing investors Insight Venture Partners, Global Founders Capital, OCA Ventures, AutoTech Ventures and others.
The company intends to use the fudns to accelerate marketplace growth, expand the digital platform for the parking industry, strengthen partnerships with mobility companies, and deepen its technology stack to standardize and optimize access to parking throughout North America.
Led by Mark Lawrence, CEO and co-founder, SpotHero is a digital parking platform to buy and sell parking in North America. Millions of drivers use its mobile apps and website to find, book and access off-street parking in 7,000 locations across 300 cities.
Over 600 corporate travel and enterprise clients use the developer platform to power seamless parking at scale for fleets, connected cars, and urban mobility solutions.
SpotHero for Fleets is the company’s parking-as-a-service solution designed to support the car sharing economy and help accelerate the mobility industry’s eventual transition to autonomous vehicles.