Total amount raised
$149.6 Millions
Latest funding date
8/1/2019
Location
SpotHero has successfully raised significant funding through multiple rounds, with the latest being a Series D. The platform offers a comprehensive solution for parking reservations, catering to various needs such as hourly, daily, and event parking.
Keep reading to explore the intricacies of SpotHero's fundraising journey and the investors backing this innovative platform.
What Is SpotHero?
SpotHero, founded in 2011, is a leading consumer marketplace for parking in North America. The company was established in Chicago, Illinois, by Jeremy Smith, Lawrence Kiss, and Mark Lawrence.
SpotHero simplifies the parking experience by allowing users to search for, compare, and book parking spots in advance. Their services include hourly, daily, monthly, event, and airport parking options.
With a team of 101-250 employees, SpotHero operates in over 300 cities, including an expanding presence in Canada, making parking easier and more convenient for millions of users.
How Much Funding Has SpotHero Raised?
- Seed Round
- Amount Raised: $50K
- Date: August 2012
- Lead Investors: 500 Startups
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial funding to develop the platform and launch the service.
- Seed Round
- Amount Raised: $460K
- Date: August 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the initial launch and refine the product.
- Seed Round
- Amount Raised: $2.5M
- Date: December 2012
- Lead Investors: Battery Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series A
- Amount Raised: $4.5M
- Date: June 2014
- Lead Investors: Chicago Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and expand the team.
- Series B
- Amount Raised: $20M
- Date: August 2015
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and improve the user experience.
- Series C
- Amount Raised: $30M
- Date: July 2017
- Lead Investors: Global Founders Capital, Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new cities and enhance the platform's capabilities.
- Series C
- Amount Raised: $10.1M
- Date: September 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and technological advancements.
- Series D
- Amount Raised: $50M
- Date: August 2019
- Lead Investors: Macquarie Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand reach, build out the digital platform, and strengthen partnerships.
Total Amount Raised: $117.61M. Current Valuation: Not publicly disclosed.
Key Investors
- Macquarie Capital
- Details: Macquarie Capital is a global financial services group providing advisory, capital raising, and principal investing services. They are known for their expertise in infrastructure and real assets.
- Investment Focus Areas: Infrastructure, utilities, real assets.
- Notable Investments: Not publicly disclosed.
- Insight Partners
- Details: Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies. They have a strong track record of helping companies scale.
- Investment Focus Areas: Software, internet businesses, technology.
- Notable Investments: Twitter, Shopify, DocuSign.
- Global Founders Capital
- Details: Global Founders Capital is a globally oriented venture capital firm that invests in technology companies at all stages. They have a broad portfolio spanning various sectors.
- Investment Focus Areas: Technology, internet, software.
- Notable Investments: Facebook, LinkedIn, Slack.
- Chicago Ventures
- Details: Chicago Ventures is an early-stage venture capital firm that invests in innovative companies across various industries. They focus on supporting startups in their growth phases.
- Investment Focus Areas: Technology, consumer, healthcare.
- Notable Investments: Not publicly disclosed.
- Battery Ventures
- Details: Battery Ventures is a global, technology-focused investment firm that backs companies at all stages, from seed to growth. They have a history of successful investments in various tech sectors.
- Investment Focus Areas: Software, industrial technology, consumer technology.
- Notable Investments: Not publicly disclosed.
What's Next for SpotHero?
SpotHero's future looks promising as it continues to expand in over 300 cities across the U.S. and Canada. The company is poised to capitalize on the growing demand for standardized and automated parking solutions, especially with the rise of urban density and on-demand services. By enhancing its digital platform and launching new services like "SpotHero for Fleets," the company aims to strengthen its position in the market.
Future fundraising opportunities seem likely as SpotHero continues to innovate and grow. The need for additional capital to support technological advancements and market expansion could attract more investors. However, challenges such as managing relationships between garage owners and fleet companies, and competing with other mobility service providers, may arise. SpotHero's ability to navigate these hurdles will be crucial for its sustained success.
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