ParkWhiz

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ParkWhiz
Private
Industry E-parking
Founded Chicago, Illinois, 2006
Founder Aashish Dalal, Jon Thornton
Area served
United States
Products Web and mobile e-parking applications
Number of employees
60
Website parkwhiz.com

ParkWhiz is an e-parking service that allows users to book a guaranteed parking space before reaching their destination. In addition to its consumer-focused parking solutions, ParkWhiz creates software to help parking owners manage and market their parking using the ParkWhiz website, mobile apps, and data APIs. ParkWhiz was launched in Chicago, Illinois where its headquarters remain today.[1][2][3][4]

History and growth[edit]

ParkWhiz was founded in 2006 by Aashish Dalal (current CEO) and Jon Thornton.[3][4]

With its origins in Chicago at a few parking facilities around sporting events, ParkWhiz has grown from a bootstrapped venture to a service that works with 4,000 parking facilities in over 50 major cities and 35 states.[5] Founders Dalal and Thornton conceived of the ParkWhiz concept in 2004 after becoming frustrated with the problem of locating parking during baseball games.[6] While parking spaces were available at various parking facilities, there was no organized system for determining their location or their price.[6]

ParkWhiz initially functioned by connecting drivers with parking facility operators near stadiums and concert halls, but now also covers airports, and daily/monthly parking throughout cities across the nation. The service, launched with $7,000 of Dalal’s own money, allows users to quickly and efficiently locate and purchase parking spaces online and on mobile devices before reaching their destinations.[4][7] ParkWhiz's search results offer real-time parking availability at ParkWhiz partner locations, ensuring that parking spaces are available before arrival. From a two-man operation at its inception, ParkWhiz, as of January 2016 has over 50 employees across 4 states.[5][8][9][10][11]

Acquisition of BestParking[edit]

In late 2015, ParkWhiz acquired the leading parking service in New York, BestParking. BestParking serves as a white label solution for other parking companies in the city.[12][13][14][15]

Concur[edit]

ParkWhiz is a partner app in Concur’s app center, allowing Concur users and business travelers to mail e-receipts from ParkWhiz bookings to Concur for easy expensing.[16]

Ford[edit]

ParkWhiz will integrate with Ford’s new FordPass app, bringing the convenience of booking advanced parking to FordPass members. FordPass will feature ParkWhiz as one of its start-up companies providing a suite of transportation services, including smart parking. The partnership was announced at the Detroit Auto Show in early 2016.[17][18][19][20][21][22][23]

StubHub[edit]

ParkWhiz is the official parking provider for StubHub. Customers who buy tickets on StubHub are offered parking through ParkWhiz.[24][25]

Barclays Center[edit]

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.[26]

Indianapolis Colts[edit]

ParkWhiz is the official parking provider of the Indianapolis Colts.[27]

Financial information[edit]

The company was a bootstrapped venture until December 2012 when it raised $2 million in Series A funding led by Hyde Park Venture Partners.[3][4] Other investors in the round included: Alexis Ohanian of Reddit, Ira Weiss, Henry J. Feinberg, and Amicus Capital.[10] ParkWhiz reported that the funding was used to broaden the company’s reach and prepare for its first iOS and Android app releases.[4][5][28] 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.[29]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.[12][13][14][15]

Services[edit]

ParkWhiz allows drivers to locate and purchase daily, monthly, and event parking through its web and mobile applications.[8] Users of the ParkWhiz service are able to compare prices, locations, and amenities.[28] After drivers select a spot and process their payment, they’re given an electronic parking pass that can be printed or presented on a smartphone or tablet.[4][30]ParkWhiz, with the acquisition of BestParking, now offers the most comprehensive coverage in the country with more than 4,000 parking locations and over 800,000 parking spaces in over 50 major cities.[12]

In 2013, as part of its first growth beyond Chicago, ParkWhiz expanded its monthly parking feature to New York City.[3][31] As part of the expansion, ParkWhiz offered approximately 200 locations in New York.[3][31] ParkWhiz offers approximately 10,000 parking spaces with an average monthly parking rate of $350 in New York City, and users are guaranteed their rates for at least six months.[3][8]

The company organized parking for the Super Bowl in 2010 and parked an estimated 30% of Super Bowl traffic in 2012.[5][32]

Products[edit]

ParkWhiz offers three primary products for consumers: Monthly Parking, Event Parking, and Daily Parking. Monthly parking allows drivers to search for and purchase parking on a monthly basis and requires no contractual obligation. Event Parking provides users with the ability to reserve parking near concert and event venues.[28][33] ParkWhiz's Daily Parking feature enables users to find and book parking on-the-go or in advance on a daily basis.[28]

ParkWhiz Seller Console for owners[edit]

ParkWhiz Seller Console for owners allows anyone with a parking space to utilize the ParkWhiz website, mobile tools, and data APIs to sell their parking online. By partnering with ParkWhiz, parking space owners can advertise their parking to millions of ParkWhiz customers, issue pre-paid parking validation, and process payment.[28][34]

Charitable donations[edit]

ParkWhiz sponsored the 10th Annual Walk Now for Autism Speaks event, providing discounted and complimentary services to the events attendees.[35] Additionally, ParkWhiz employees volunteered at the Autism Speaks event by handing out free merchandise and free parking to attendees.[35]

ParkWhiz has also worked with Susan B. Komen Race for the Cure, the CHUCKSTRONG fund, and the Rock & Roll Marathon, which is a St. Judes Child Research endeavor.[36]ParkWhiz commissioned Envision, a local organization that runs a studio arts program for artists with intellectual and developmental disabilities, for a handful of art pieces from the charity that will adorn the walls of their office. ParkWhiz employees worked alongside Envision’s artists to produce additional pieces for their new space at their 2015 holiday party, which was held at Envision’s workspace in West Town, Chicago.[37]

References[edit]

  1. ^ "Infographic: The ease of getting to college football games". Crain's Chicago Business. August 21, 2013. Retrieved October 6, 2013. 
  2. ^ "Car Talk: Rent or Own?". Bloomberg Businessweek. August 15, 2013. Retrieved October 6, 2013. 
  3. ^ a b c d e f "ParkWhiz adds monthly parking in N.Y. to its booking menu". Chicago Tribune. June 12, 2013. Retrieved October 6, 2013. 
  4. ^ a b c d e f "Cut down on parking rage with ParkWhiz, reserve spots in advance". VentureBeat. December 19, 2012. Retrieved October 6, 2013. 
  5. ^ a b c d "How ParkWhiz Is Changing The Parking Industry". Forbes. July 31, 2013. Retrieved October 6, 2013. 
  6. ^ a b "Lots of Opportunities ParkWhiz puts a new spin on an old industry.". Entrepreneur. March 27, 2008. Retrieved October 6, 2013. 
  7. ^ "Your phone can find you a parking space". Chicago Sun-Times. December 14, 2012. Retrieved October 6, 2013. 
  8. ^ a b c "This App Will Let New Yorkers Find a Parking Spot". Mashable. June 12, 2013. Retrieved October 6, 2013. 
  9. ^ "Finding a fix for a broken parking system". Crain's Chicago Business. April 23, 2013. Retrieved October 6, 2013. 
  10. ^ a b "Reddit Founder Backs Parking Reservation System ParkWhiz". Mashable. December 19, 2012. Retrieved October 6, 2013. 
  11. ^ "Parking reservation firm enters D.C. market". The Washington Post. June 24, 2012. Retrieved October 6, 2013. 
  12. ^ a b c "ParkWhiz Acquires BestParking, Announces $24M Raise". TechCrunch. January 26, 2016. Retrieved January 26, 2016. 
  13. ^ a b "ParkWhiz raises massive Series C, announces acquisition of NYC's BestParking". Built in Chicago. January 26, 2016. Retrieved January 26, 2016. 
  14. ^ a b "ParkWhiz Raises $24M And Acquires a New York Rival". ChicagoInno. January 26, 2016. Retrieved January 26, 2016. 
  15. ^ a b "ParkWhiz raises $24 million, acquires BestParking". Chicago Tribune. January 26, 2016. Retrieved January 26, 2016. 
  16. ^ "ParkWhiz - Concur App Center". Concur. January 26, 2016. Retrieved January 26, 2016. 
  17. ^ "GM, Ford team with Groupon, ParkWhiz on mobile apps". Crains' Chicago Business. January 14, 2016. Retrieved January 26, 2016. 
  18. ^ "Ford Announces FordPass to Help Users Find Parking, More". Adweek. January 11, 2016. Retrieved January 26, 2016. 
  19. ^ "How 2016 is shaping up to be the year of connected cars". Built in Chicago. January 13, 2016. Retrieved January 26, 2016. 
  20. ^ "Ford App Helps Drivers Find Parking and More as Automaker Seeks Year-Round Consumer Relationship". AdvertisingAge. January 11, 2016. Retrieved January 26, 2016. 
  21. ^ "Ford plans commuter app; Ford car not required". USA Today. January 11, 2016. Retrieved January 26, 2016. 
  22. ^ "ParkWhiz Is Part Of Ford's New Tech Push". ChicagoInno. January 11, 2016. Retrieved January 26, 2016. 
  23. ^ "Ford to launch new customer relations and service model". Reuters. January 11, 2016. Retrieved January 26, 2016. 
  24. ^ "ParkWhiz, StubHub team up to ease parking pains at events, concerts". Chicago Tribune. January 5, 2015. Retrieved January 26, 2016. 
  25. ^ "StubHub Partners With Chicago's ParkWhiz to Expand its Parking Offering". ChicagoInno. December 18, 2014. Retrieved January 26, 2016. 
  26. ^ "Barclays Center :: Parking". Barclays Center. Retrieved January 26, 2016. 
  27. ^ "COLTS ANNOUNCE PARTNERSHIP WITH PARKWHIZ". Indianapolis Colts. October 16, 2012. Retrieved January 26, 2016. 
  28. ^ a b c d e "The OpenTable For Parking Spots, ParkWhiz Raises $2M". TechCrunch. December 19, 2012. Retrieved October 6, 2013. 
  29. ^ "ParkWhiz pulls in $10 million in new funding". Crain's Chicago Business. July 21, 2014. Retrieved March 20, 2014. 
  30. ^ "Review: Digital Parking Tools". Inc. 2013. Retrieved October 6, 2013. 
  31. ^ a b "Need a parking spot? ParkWhiz wants to book it". Crain's New York Business. August 30, 2013. Retrieved October 6, 2013. 
  32. ^ Ann Dwyer. "How ParkWhiz is using the Super Bowl to build its business". Chicago Business. Retrieved October 6, 2013. 
  33. ^ Leena Roa (July 25, 2010). "ParkWhiz is the OpenTable for Parking Spots". TechCrunch. Retrieved October 6, 2013. 
  34. ^ "Sell Parking". ParkWhiz. 2013. Retrieved October 6, 2013. 
  35. ^ a b "How Your Startup Can Give Back". NBC Chicago. May 16, 2013. Retrieved October 6, 2013. 
  36. ^ "ParkWhiz Promotions & Charity". ParkWhiz. 2013. Retrieved October 6, 2013. 
  37. ^ "4 Chicago tech companies making philanthropy a cornerstone of culture". Built in Chicago. November 12, 2015. Retrieved January 26, 2016. 

External links[edit]