It was just less than a year ago that ParkMe (formerly Parking In Motion) launched to provide real-time parking data to visitors at SXSW in Austin. After expanding to more than 500 markets over the past several months, ParkMe is announcing today that it has raised an undisclosed amount of funding from Angeleno Group, a Los Angeles-based private equity firm that invests in companies which could have an effect on energy and natural resources.
The new financing comes on top of money that it had previously raised from IDG Ventures and Fontinalis Partners, the investment firm co-founded by Ford Executive Chairman William Clay Ford Jr. Together, its investors show a strategic interest in helping drivers to reduce the time they spend circling blocks, which ParkMe CEO Sam Friedman says causes some 30 percent of all traffic.
To alleviate that strain, ParkMe provides real-time information about available parking spots, both on the street and in local parking garages. The startup leverages information from municipal parking meters and private and public garages to help users search for and find nearby parking, both by availability and by price.
Along with the funding, the startup is releasing the latest version of its mobile app, which uses software analytics to provide drivers with the closest and most cost-effective nearby parking options. The app will even let its users compare pricing across multiple garages for a specified period of time.
To learn more about the new app or the new financing, check out the video with ParkMe CEO Sam Friedman above.