Total amount raised
$149.6 Million
Latest funding date
8/1/2019
Location
SpotHero has successfully raised funding over 8 rounds, with the latest being a Series D round led by Macquarie Capital. The platform offers a comprehensive solution for parking reservations, catering to various needs such as hourly, daily, event, and airport parking.
With backing from 30 investors, including Alpha Partners and OCA Ventures, SpotHero continues to expand its presence across North America. 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 platform in the parking and transportation industry. Based in Chicago, Illinois, the company simplifies the process of finding and reserving parking spots, offering a range of options including hourly, daily, event, and airport parking.
With a workforce of 101-250 employees, SpotHero operates in over 400 cities across North America. The company is recognized as the only independent consumer marketplace for parking in the region, providing solutions for both individual users and businesses.
How Much Funding Has SpotHero Raised?
- Seed Round
- Amount Raised: USD 50,000
- Date: August 2012
- Lead Investors: 500 Startups
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of the platform and initial market entry.
- Seed Round
- Amount Raised: USD 460,000
- Date: August 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand initial operations.
- Seed Round
- Amount Raised: USD 2,500,000
- Date: December 2012
- Lead Investors: Battery Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and increase market presence.
- Series A
- Amount Raised: USD 4,500,000
- Date: June 2014
- Lead Investors: Chicago Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new markets and enhance technology infrastructure.
- Series B
- Amount Raised: USD 20,000,000
- Date: August 2015
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and improve service offerings.
- Series C
- Amount Raised: USD 30,000,000
- Date: July 2017
- Lead Investors: Global Founders Capital, Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and enhance platform capabilities.
- Series C
- Amount Raised: USD 10,100,000
- 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: USD 50,000,000
- Date: August 2019
- Lead Investors: Macquarie Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand reach, enhance the digital platform, and strengthen partnerships.
Total Amount Raised: USD 117,610,000. 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 led the Series D funding round for SpotHero.
- Investment Focus Areas: Infrastructure, energy, real estate, technology.
- Notable Investments: Not publicly disclosed.
- Insight Venture Partners
- Details: Insight Venture Partners is a private equity and venture capital firm investing in growth-stage technology and software companies. They participated in multiple funding rounds for SpotHero, including Series B and Series D.
- Investment Focus Areas: Growth-stage technology, software companies.
- Notable Investments: Not publicly disclosed.
- Global Founders Capital
- Details: Global Founders Capital is a global venture capital firm that invests in technology companies at various stages. They were key investors in the Series C funding round for SpotHero.
- Investment Focus Areas: Technology companies at various stages.
- Notable Investments: Not publicly disclosed.
- OCA Ventures
- Details: OCA Ventures is a venture capital firm focusing on early-stage investments in technology, financial services, and healthcare. They are one of the most recent investors in SpotHero.
- Investment Focus Areas: Technology, financial services, healthcare.
- Notable Investments: Not publicly disclosed.
- Alpha Partners
- Details: Alpha Partners is a venture capital firm that invests in growth-stage companies. They are listed as one of the most recent investors in SpotHero.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
What's Next for SpotHero?
SpotHero is poised to capitalize on significant opportunities in the urban mobility sector. With operations in 300 cities across the U.S. and Canada, the company aims to expand its digital platform and strengthen partnerships with mobility companies. The development of automated parking services and new offerings like "SpotHero for Fleets" targeting shared mobility and on-demand services present substantial growth potential.
Future fundraising opportunities are likely as SpotHero continues to enhance its platform and expand its reach. The company's focus on building out partnerships and technological advancements could attract additional investment to support these initiatives. However, challenges such as managing relationships between garage owners and fleet companies, ensuring proper signage, and standardizing a fragmented parking system may arise along the way.
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