SpotHero Raises $20M Round Led by Insight Venture Partners to Accelerate Growth
Investment Will Help Expand Team, Grow User Base & Scale Nationwide
CHICAGO, AUG. 19, 2015 – SpotHero, a leader in on-demand parking services, today announced the close of a $20 million Series B round led by Insight Venture Partners. SpotHero’s existing investors—Battery Ventures, Bullpen Capital, Chicago Ventures, Draper Associates, OCA Ventures, Pritzker Group Venture Capital and 500 Startups—also participated in the round along with Monkfish Equity, an investment group started by the founders of trivago. With this latest funding, SpotHero has raised $27 million in total capital. The company will use the investment to accelerate marketing efforts, explore strategic relationships and hire 25 new positions in Chicago, New York City and San Francisco.
SpotHero’s on-demand parking service provides a convenient, affordable and worry-free way to book parking with garages, lots and valets. The company partners with parking operators to market unsold parking spaces to drivers through SpotHero’s mobile app and website. To date, SpotHero has parked over one million cars in Chicago alone, and is growing 20% month-over-month. With more than 1,500 parking locations in major US metro areas, including San Francisco, New York, Chicago, Washington D.C., and Boston, SpotHero is the #1 ranking on-demand parking service in the Apple iTunes Store and Google Play.
“We’ve dedicated the last five years to building a company that makes life easier for drivers,” said Mark Lawrence, co-founder and CEO of SpotHero. “Thanks to Insight Venture Partners, Monkfish Equity and our existing investors, we will be able to fulfill our mission at an even larger scale.”
“SpotHero has become the undeniable industry leader,” said Jeff Lieberman, managing director at Insight Venture Partners. “We’ve been impressed by the company’s growth rate, customer satisfaction and passionate management team. We are pleased to partner with them as they grow nationwide.”
SpotHero is an on-demand parking service that enables drivers to reserve parking spots with convenient garages, lots and valets. The company makes life easier for drivers across the country, including in cities like Chicago, San Francisco, New York, Washington D.C., and Boston. Founded in 2011 by Mark Lawrence, Jeremy Smith and Larry Kiss, SpotHero has raised $27 million in VC funding. It most recently received $20 million in Series B from Insight Venture Partners and Monkfish Equity, with current investors- Battery Ventures, Bullpen Capital, Chicago Ventures, Draper Associates, OCA Ventures, Pritzker Group VC and 500 Startups- also participating the round. SpotHero previously raised $4.5 million in Series A in June 2014 and $2.5 million in seed capital in December 2012. Learn more at SpotHero.com and find us in the Apple iTunes Store or Google Play.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $13 billion and invested in more than 250 companies worldwide. Our mission is to find, fund and work successfully with visionary executives providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit http://www.insightpartners.com or follow us on Twitter: @insightpartners.com.