Chicago’s SpotHero Raises $4.5 Million In Series A Round of Funding

June 11, 2014

2:45 pm

It was announced this morning that the Chicago-based SpotHero, which offers a mobile app that pairs parking garage owners with drivers looking to find and reserve spaces, has raised a Series A round of funding worth $4.5 million.

Many of the company’s previous investors participated in the round, including OCA Ventures, Battery Ventures, 500 Startups, and TechStars Chicago. New backing came from Chicago Ventures, Bullpen Capital, Draper Associates, and G2T3V. Additionally, SpotHero will bring on LinkedIn senior vice president Mike Gamson, CEO Sam Yagan, and venture capitalist Sam Guren as new members of its Board of Directors.

Since it’s last raise of $2.5 million in December 2012, SpotHero has grown 600 percent, growing from 5 to 22 full-time employees, and expanding to seven markets including Chicago, New York, DC, and Boston. This recent round of fundraising will enable the company to further expand their parking supply and national presence, as well as bring on more full-time employees. We’ve seen a lot of parking applications over the years so we’ll be keeping an eye if SpotHero can pull ahead of the parking app pack with this latest infusion of capital.

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Ronald Barba was the previous managing editor of 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". Tweet @RonaldPBarba.

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