ParkWhiz

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ParkWhiz
Private
IndustryE-parking
Founded2006; 13 years ago (2006)
FoundersAashish Dalal, Jon Thornton
Headquarters
Number of locations
Chicago
New York City
Boston
Indianapolis
Area served
United States
Key people
Yona Shtern (CEO)
ProductsWeb and mobile e-parking applications
Number of employees
100[1]
Websitewww.parkwhiz.com

ParkWhiz is an e-parking service that allows users to book parking spaces before reaching their destinations. ParkWhiz is headquartered in Chicago, Illinois.

Origins[edit]

ParkWhiz was founded in 2006 by Aashish Dalal and Jon Thornton.[2][3] The company CEO is Yona Shtern. ParkWhiz works with 4,000 parking facilities in over 50 major cities and 35 states.[4] Founders Dalal and Thornton conceived of the ParkWhiz concept in 2004 after becoming frustrated with the problem of locating parking during baseball games.[5] While parking spaces were available at various parking facilities, there was no organized system for determining their location or their price.[5] The ParkWhiz service allows users to locate and purchase parking spaces online and on mobile devices before reaching their destinations.[3] As of March 2019 ParkWhiz employs over 100 people in the United States, Israel and the Philippines.[1]

Services[edit]

ParkWhiz allows drivers to locate and purchase daily, monthly, and event parking through its web and mobile applications.[6] Users of the ParkWhiz service are able to compare prices, locations, and amenities.[7] After drivers select a spot and process their payment, they are given an electronic parking pass that can be printed or presented on a smartphone or tablet.[3][8]

In 2013, as part of its first growth beyond Chicago, ParkWhiz expanded its monthly parking feature to New York City,[2][9] offering approximately 200 locations.[2][9]

The company organized parking for the Super Bowl in 2010 and parked an estimated 30% of Super Bowl traffic in 2012.[4][10]

Partnerships and acquisitions[edit]

  • In late 2015, ParkWhiz acquired BestParking.[11]
  • A partnership with Ford was announced at the Detroit Auto Show in 2016, where a range of ParkWhiz services including smart parking would be integrated into the FordPass app.[12]
  • In 2018, ParkWhiz acquired CodiPark, a Tel Aviv-based company, to add drive up mobile payments to its platform.[13]
  • Also in 2018, ParkWhiz paired with Groupon to offer ParkWhiz's services through the Groupon app.[14]
  • ParkWhiz is a partner app in Concur's app center, allowing Concur users and business travelers to mail e-receipts from ParkWhiz bookings.[15]
  • ParkWhiz is the official parking provider for StubHub. Customers who buy tickets on StubHub are offered parking through ParkWhiz.[16][17]
  • ParkWhiz is an official partner of Barclays Center in Brooklyn, NY, with dasherboard ads and in-game promotions running during select New York Islanders hockey games.[18]
  • ParkWhiz is the official parking app of the Boston Red Sox.[19]
  • In late 2018, ParkWhiz began a partnership with GasBuddy on their app, connected to their "Pay With Gasbuddy" service.[20][21]

Financial information[edit]

The company was a bootstrapped venture[definition needed] until December 2012 when it raised $2 million in Series A funding led by Hyde Park Venture Partners.[2][3] Other investors in the round included: Alexis Ohanian of Reddit, Ira Weiss, Henry J. Feinberg, and Amicus Capital.[22] ParkWhiz reported that the funding was used to broaden the company's reach and prepare for its first iOS and Android app releases.[3][4][7] In July 2014, ParkWhiz raised $10 million in a Series B round of funding led by venture fund Jump Capital. The Series B round has allowed ParkWhiz to improve its mobile experience, expand its offerings and hire additional employees.[23] At the End of 2015, ParkWhiz raised $24 million in a Series C round of funding led by Baird Capital with participation by growth capital investor Beringea and existing investor Jump Capital.[11]

References[edit]

  1. ^ a b Davis, Katharine (7 January 2019). "ParkWhiz Rebrands as it Grows its B2B Service". ChicagoInno.
  2. ^ a b c d Wong, Wailin (12 June 2013). "ParkWhiz adds monthly parking in N.Y. to its booking menu". Chicago Tribune. Retrieved 6 October 2013.
  3. ^ a b c d e Grant, Rebecca (19 December 2012). "Cut down on parking rage with ParkWhiz, reserve spots in advance". VentureBeat. Retrieved 6 October 2013.
  4. ^ a b c Chowdhry, Amit (31 July 2013). "How ParkWhiz Is Changing The Parking Industry". Forbes. Retrieved 6 October 2013.
  5. ^ a b Petruccelli, Justin (27 March 2008). "Lots of Opportunities ParkWhiz puts a new spin on an old industry". Entrepreneur. Retrieved 6 October 2013.
  6. ^ Wasserman, Todd (12 June 2013). "This App Will Let New Yorkers Find a Parking Spot". Mashable. Retrieved 6 October 2013.
  7. ^ a b Roa, Leena (19 December 2012). "The OpenTable For Parking Spots, ParkWhiz Raises $2M". TechCrunch. Retrieved 6 October 2013.
  8. ^ Alseyer, Jennifer (2013). "Review: Digital Parking Tools". Inc. Retrieved 6 October 2013.
  9. ^ a b "Need a parking spot? ParkWhiz wants to book it". Crain's New York Business. 30 August 2013. Retrieved 6 October 2013.
  10. ^ Ann Dwyer. "How ParkWhiz is using the Super Bowl to build its business". Chicago Business. Retrieved 6 October 2013.
  11. ^ a b Elahi, Amina (26 January 2016). "ParkWhiz raises $24 million, acquires BestParking". Chicago Tribune. Retrieved 26 January 2016.
  12. ^ White, Joseph (11 January 2016). "Ford to launch new customer relations and service model". Reuters. Retrieved 26 January 2016.
  13. ^ Dallke, Jim (1 June 2018). "ParkWhiz buys Tel-Aviv parking startup, launches new payment feature". Chicago Inno. bizjournals.com.
  14. ^ "Groupon (GRPN) Partners ParkWhiz to Offer Convenient Parking". NASDAQ.com (Press release). Zacks Equity Research. 24 January 2018.
  15. ^ "ParkWhiz - Concur App Center" (Press release). Concur. 26 January 2016. Retrieved 26 January 2016.
  16. ^ Elahi, Amina (5 January 2015). "ParkWhiz, StubHub team up to ease parking pains at events, concerts". Chicago Tribune. Retrieved 26 January 2016.
  17. ^ "StubHub Partners With Chicago's ParkWhiz to Expand its Parking Offering". ChicagoInno. 18 December 2014. Retrieved 26 January 2016.
  18. ^ "Barclays Center :: Parking" (Press release). Barclays Center. Retrieved 26 January 2016.
  19. ^ "Parkwhiz Named 'Official Parking App' Of Boston Red Sox". www.prnewswire.com (Press release).
  20. ^ https://www.prnewswire.com/news-releases/gasbuddy-partners-with-parkwhizs-arrive-network-300756582.html
  21. ^ https://www.cspdailynews.com/technologyservices/gasbuddy-launches-parking-tool
  22. ^ Wasserman, Todd (19 December 2012). "Reddit Founder Backs Parking Reservation System ParkWhiz". Mashable. Retrieved 6 October 2013.
  23. ^ Hendershot, Steve (21 July 2014). "ParkWhiz pulls in $10 million in new funding". Crain's Chicago Business. Retrieved 20 March 2014.

External links[edit]