ParqEx, a Chicago, IL-based parking space marketplace, raised over $1.2m in seed funding.
The round was led by Venture Management Partners and Wisconsin Investment Partners, with participation from Elmspring and gener8tor.
The company intends to use the funds to expand operations.
Led by Vivek Mehra, Founder & CEO, ParqEx operates a marketplace that enables non-commercial parking owners (e.g. residential, non-profit and business parking spots) to rent their underutilized parking spots to drivers on an hourly, daily, weekly or monthly basis.
For parking spots secured behind gates/garage doors, the company’s Access+ technology lets owners grant controlled access to their secured parking spots through the ParqEx app.
The service is currently available in Chicago, Boston, Washington D.C., San Francisco, Los Angeles, Miami, Philadelphia, Milwaukee and Madison.