SpotHero Raises $20M Round, Led by Insight Venture Partners
SpotHero, a leader in on-demand parking services, has announced the close of a $20 million Series B round led by Insight Venture Partners. Its existing investors — Battery Ventures, Bullpen Capital, Chicago Ventures, Draper Associates, OCA Ventures, Pritzker Group Venture Capital and 500 Startups — also participated in the round, along with Monkfish Equity, an investment group.
With this latest funding, SpotHero has raised $27 million in total capital. It intends to use the investment to accelerate marketing efforts, explore strategic relationships, and hire 25 new positions in Chicago, New York City and San Francisco.
SpotHero’s on-demand parking service is designed to provide a convenient, affordable and worry-free way to book parking with garages, lots and valets. The company partners with parking operators to market unsold spaces to drivers through its mobile app and website.
To date, SpotHero has parked more than 1 million cars in Chicago alone, and is growing 20% month-over-month. With more than 1,500 parking locations in major U.S. metro areas, including San Francisco, New York, Chicago and Boston, the company is the No. 1 on-demand parking service in the Apple iTunes Store and Google Play.
“We’ve dedicated the last five years to building a company that makes life easier for drivers,” said Co-Founder and CEO Mark Lawrence. “Thanks to Insight Venture Partners, Monkfish Equity and our existing investors, we will be able to fulfill our mission at an even larger scale.”