ParkWhiz Raises $10M Series B for Prepaid Parking Service

July 21, 2014

12:30 pm

ParkWhiz announced this morning that it has closed a $10 million Series B round of funding for its prepaid parking service. The round was led by Jump Capital. Other participants include current investors Hyde Park Venture Partners, Alexis Ohanian, Amreesh Modi, Henry Feinberg, and Hyde Park Angels.

Founded in 2006, ParkWhiz offers consumers a way to book a guaranteed parking spot through their online marketplace. It locates real-time parking availability at selected locations and allows users to book spots through web or mobile. The company works with parking owners in more than 125 cites across the US to provide these spots, and has extensive options in such cities as Chicago, NYC, San Francisco, and DC.

“ParkWhiz offers easy-in, easy-out access to a wide range of parking options, many at a discounted rate, but we are only beginning to scratch the surface in terms of our growth and the services we provide,” says cofounder and CEO Aashish Dalal. “With our Series B round, we can give drivers one-touch access to low-priced options through our free mobile app, with a secure, frictionless parking experience.”

Since launching its service, ParkWhiz has had more than 1 million customers book spots through their platform. According to Dalal, the company plans to use this recent financing to further streamline the parking process, expand to other markets in the US, and capitalize on “connected car” initiatives like Apple CarPlay and Android Auto. The company also hopes to grow its current staff of 25 people to 50.

With this recent round of financing, ParkWhiz has raised a total of $12 million. Back in 2012, the company raised a Series A worth $2 million.

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Ronald Barba is a senior writer and editor for Tech.Co. His primary story interests include industry trends, consumer-facing apps/products, the startup lifestyle, business ethics, diversity in tech, and what-is-this-bullsh*t things. Aside from writing about startups and entrepreneurship, Ronald is interested in 'Doctor Who', Murakami, 'The Mindy Project', and fried chicken. He is currently based in New York because he mistakenly studied philosophy in college and is now a "writer". He also likes to cook things; you can check out all the noms on his Instagram. Email Ronald ([email protected]) or tweet @RonaldPBarba. You can also subscribe to him on Facebook or find him on Google.

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