Parking garage reservation startup SpotHero has raised $2.5 Million in funding led by Battery Ventures with 500 Startups, David Cohen’s Bullet Time, e.Ventures, OCA Ventures, New World Ventures, Lightbank, & Draper VC also participating.
SpotHero, which graduated from Chicago accelerator, Excelerate Labs, is a mobile app and website that allows drivers to reserve their perfect parking spot on the go. You simply open the app, and the service will show you nearby spots in parking garages and lots in a given location. You can also view parking rates at different Chicago parking garages on the map that are near the address you’re searching for. When you actually reserve a spot, you prepay to ensure the garage saves the spot for your car.
The garages themselves have a web interface that allows them to upload their parking inventory, and update this in realtime. And garages like the service because it bring them more, advanced business.
SpotHero CEO and Founder Mark Lawrence has already brought over $2,000,000 worth of parking revenue to some of the largest national parking operators. The app is currently available in Chicago and Milwaukee, but SpotHero plans to use their funding to open new markets.
There’s no doubt that parking is one of the next hassles of everyday life that needs to be disrupted. And there hasn’t been one app that has taken over the space yet–there’s still a huge opportunity to become the Uber of parking. KurbKarma is also playing in a similar space.