NewSpring Leads $20M Round in Chicago-based, On-Demand Parking Reservation Service
September 07, 2018
Radnor, PA - September 7, 2018 – NewSpring (the “Firm”), a family of private equity funds, announced today that NewSpring Growth ("NewSpring"), the Firm’s dedicated growth and expansion strategy, has led the $20 million Series D financing round of ParkWhiz, Inc. (“ParkWhiz” or the “Company”), a leading national, on-demand parking reservation service, with participation from existing investors, including Baird Capital, Jump Capital, and Beringea.
The proceeds will be used to continue the Company’s rapid growth of its transactional parking network, expand its footprint into new geographies, and further evolve its connected and autonomous technology to better serve drivers, parking operators, and platform distribution partners.
Founded in 2007 and based in Chicago, ParkWhiz provides seamless access to thousands of parking lots and garages in over 190 cities across North America, with hundreds of new facilities joining the network every month. The Company uniquely embeds its services directly into the user journeys of more than 300 distribution partners through the ParkWhiz Platform.
Expanding rapidly, the ParkWhiz Platform provides over 40 million consumers with parking reservations and friction-free, drive-up access in garages and lots through sports teams and venues, events, travel providers, airlines, hotels, automotive OEMs, and navigation systems. Partners can offer friction-free, transactional parking as a value-added service provided directly through their own apps, websites, and emails, operated via text, voice command, or embedded right into the vehicle.
Drivers can also find, book, and pay for parking via the Company’s top-rated ParkWhiz and BestParking mobile apps and websites.
“Off-street parking is a large, growing market internationally and we are proud to be a leader in the space,” said Yona Shtern, CEO of ParkWhiz. “The rapid adoption of connected and autonomous mobility services coupled with our complementary business models creates an extremely attractive market opportunity for us to expand into and foster new partnerships with consumer brands, parking operators, and asset owners. We’re thrilled to join forces with the NewSpring team as we enter this exciting phase of expansion.”
“ParkWhiz deploys an innovative approach to a frictionless parking experience, having already accomplished impressive growth in its market,” commented Glenn Rieger, NewSpring General Partner. “With strong brand recognition, both among consumers and Platform partners, and an accessible, efficient technology, we believe ParkWhiz is ideally-positioned for continued growth and scale. NewSpring is thrilled to partner with Yona and the rest of the ParkWhiz management team.”
Along with its investment, NewSpring’s Glenn Rieger will join the ParkWhiz Board of Directors.
ParkWhiz is the leading transactional platform that enables drivers, fleets and connected vehicles to find, book and pay for parking. The Company offers the largest inventory of parking spaces for drivers to access and reserve before reaching their destinations, saving both time and money. Working with all major parking operators, ParkWhiz delivers transactional parking as a value-added service to major brands in sports and entertainment, travel, automotive, and navigation. ParkWhiz has built partnerships with brands including Ford, Ticketmaster, Groupon, Madison Square Garden, and many others. The Company also operates two consumer-facing brands of its own—ParkWhiz and BestParking—available for Apple, Android and Amazon Alexa. ParkWhiz has parked over seven million vehicles and is operational in over 190 cities in North America and expanding rapidly. For more information, visit www.ParkWhiz.com.