ParkWhiz Raises $24 Million in New Funding and Acquires BestParking
Largest on-demand parking provider acquires No. 1 New York City parking app BestParking to increase its footprint and mobile growth
CHICAGO – Jan. 25, 2016 – ParkWhiz, the nation’s largest on-demand parking app, has raised $24 million to aggressively focus on continued mobile growth, accelerating new product development and acquire New York City-based BestParking. The Series C funding is led by Baird Capital with participation by growth capital investor Beringea and existing investor Jump Capital. Terms of the acquisition will not be disclosed.
ParkWhiz is a pioneer in the advancement of on-demand parking. “With our focus on providing drivers a frictionless parking experience and parking operators with efficient technology, we have grown to be the leader in the on-demand parking space,” said Aashish Dalal, ParkWhiz co-founder and CEO. “Complementing ParkWhiz with BestParking’s leadership position in New York City and expertise in sourcing nationwide parking data, combined we become the foremost resource for drivers and parking providers.” Dalal added, “With the new funding and the acquisition, we will be better positioned to innovate and scale even faster.”
Through the acquisition, ParkWhiz will have the most comprehensive coverage in the country with more than 4,000 parking locations and over 800,000 spaces in over 50 major cities across the U.S. Together the two companies are the No. 1 booking platform and richest repository of parking data in North America. The combined entity drove over $50 million in revenue to parking operators in 2015, with more than 1 million bookings in New York City alone.
“ParkWhiz and BestParking have a shared vision to seamlessly connect drivers and operators through technology,” said Ben Sann, founder and president of BestParking. “Combining ParkWhiz’s strong presence nationally and our strength in New York allows us to provide a comprehensive solution for our drivers. The acquisition will also enable us to make an immediate impact for our partner facilities by sending more parking customers their way.”
ParkWhiz is a free app that enables drivers to find and book parking at top parking facilities across the U.S. Success for ParkWhiz has been driven, in part, by the simplification of the parking experience. Customers open the iOS or Android app to book a space prior to arriving at their destination and the parking spot is guaranteed to be waiting for them. Mobile users have the added benefits of door-to-door directions, a mobile parking pass and special discounts. Parking providers, in turn, pay a commission for each booking they receive from ParkWhiz.
“The parking industry is transforming due to the rise of mobile technology,” said Benedict Rocchio, Partner at Baird Capital. “ParkWhiz continues to be a leader in the transportation industry and is poised for rapid growth, changing the on-demand service experience as a whole.”
Headquartered in Chicago, ParkWhiz is the nation’s largest on-demand parking app. The company’s website and mobile platforms provide a fast and efficient way for drivers to find and book guaranteed parking spaces before reaching their destination at thousands of parking locations across the country, from New York City to Chicago to San Francisco. ParkWhiz is an official partner and parking provider for Ford, Concur, and StubHub among many others. ParkWhiz has helped well over a million drivers seamlessly get where they need to be. For more information, visit ParkWhiz.com.