SpotHero
| Company type | Privately held company |
|---|---|
| Founded | 2011 |
| Founder | Mark Lawrence, Larry Kiss, & Jeremy Smith |
| Headquarters | 325 W Huron St. Chicago, IL |
Area served | United States |
Key people | Elan Mosbacher, Leah Potkin, Tim Maloney, Jason Pinter, Elissa Beckman, Kristen Cho |
| Products | Parking spaces |
| Services | On Demand Parking Marketplace |
| Website | spothero |
SpotHero is an on-demand parking mobile app- and website-based marketplace that connects parking lots, parking garages and valet services that comprise the marketplace for parking spaces with drivers who need to find and reserve them.[1] The company was co-founded by Mark Lawrence, Larry Kiss, and Jeremy Smith and is based in Chicago.[1]
History and Early Beginnings
The founders were motivated to start SpotHero because based on their experience with excessive parking tickets, they felt there should be a better way to park.[2] After its early beginnings at TechNexus,[3] SpotHero was molded at the Excelerate Labs technology incubator that is now known as TechStars Chicago. When it raised $2.5 million in venture capital funds from Battery Ventures (Lead), 500 Startups, Bullet Time, e.Ventures, OCA Ventures, New World Ventures, Lightbank, & Draper VC in December 2012, it only served Milwaukee and Chicago.[4][5] In June 2014, SpotHero raised an additional $4.5 million in funding and announced new board of directors members (LinkedIn's Mike Gamson, Match.com's Sam Yagan and venture capitalist Sam Guren).[6]
Growth and Expansion
In the 18 months between the first two rounds of funding, the company expanded from 5 to 22 full-time employees, grew to 7 business markets (Chicago, New York, Washington DC, Boston, Baltimore, Newark and Milwaukee) and opened an office in New York City.[1] Following the second round of funding the company planned to expand to Western and Southwestern United States cities such as Dallas, Houston, San Diego, San Francisco and Los Angeles.[7] The company works with leading parking operators including ABM Parking Services, Impark, LAZ Parking and Chicago-based Standard Parking.
By August 2015, the business, which serviced 12 cities: Baltimore, Boston, Chicago, Denver, Milwaukee, Minneapolis, New Orleans, Newark, New York City, Philadelphia, San Francisco, and Washington DC, raised $20 million in a series B round.[8][9] As of February 2016, SpotHero was considered Washington D.C.'s "biggest parking marketplace."[10]
On October 20 2015, former Zipcar executive John Horton joined the SpotHero team as the GM to lead and grow the team in New York City.[11]
Usability
The SpotHero app helps providers list available spaces for motorists who use the free mobile app or website and the SpotHero QR code or confirmation code.[7] Drivers save time and money by using the app, and have the confidence that a space will be waiting for them when they arrive.[2]
SpotHero focuses on daily and monthly off street parking.[12] One of the company's early rivals was ParkWhiz,[3] which began with an event parking business model.[13]
Notes
- ^ a b c "On Demand Parking App SpotHero Raises $4.5 Million In Series A Funding". MarketWatch. 2014-06-11. Retrieved 2015-01-14.
- ^ a b Rogers, Kate (2014-07-16). "SpotHero's Founder Wants to Take Hassle out of Big City Parking". FOX Business. Retrieved 2015-01-15.
- ^ a b "Investors park $4.5 million in SpotHero". Crain's Chicago Business. 2014-06-11. Retrieved 2015-01-14.
- ^ "Chicago's SpotHero Raises 2.5mm to Bring Sanity to Urban Parking". Forbes. 2012-12-13. Retrieved 2015-01-14.
- ^ Rao, Leena (2012-12-13). "SpotHero Raises $2.5M From Battery, Lightbank To Help You Reserve Parking In Garages". Tech Crunch. Retrieved 2015-01-14.
- ^ Janega, James (2014-06-11). "SpotHero announces new funding, board members". Chicago Tribune. Retrieved 2015-01-14.
- ^ a b Guy, Sandra (2014-06-11). "How this company landed $4.5M to help you find a parking spot". Chicago Sun-Times. Retrieved 2015-01-14.
- ^ Matney, Lucas (2015-08-19). "On-Demand Parking Service SpotHero Raises $20M In Series B". TechCrunch. Retrieved 2015-10-23.
- ^ Kokalitcheva, Kia (2015-08-19). "Forget valet apps — SpotHero raises $20 million to let people park their own cars". Fortune. Retrieved 2015-11-26.
- ^ "SpotHero Expands in Washington D.C., Now the Biggest & Most Affordable Parking Reservation Service In D.C. Metro Area". Yahoo Finance. Retrieved 2016-06-13.
- ^ Matney, Lucas. "Parking App SpotHero Doubles Down On NYC, Hires Former Zipcar GM To Lead Charge". TechCrunch. Retrieved 2015-10-20.
- ^ "Heroic App Lets People Book Parking Spots Like They Do Hotels". Huffington Post. 2014-03-19. Retrieved 2015-01-15.
- ^ Hendershot, Steve (2011-10-08). "ParkWhiz's Aashish Dalal tells you where to park it". Crain's Chicago Business. Retrieved 2015-01-14.