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ParkWhiz Completes Equity Round with Follow-On Participation From Strategic Investors Including Alate Partners and Amazon Alexa Fund

November 13, 2018




ParkWhiz Completes Equity Round with Follow-On Participation From Strategic Investors Including Alate Partners and Amazon Alexa Fund




Financing From Industry Leaders Will Help Accelerate Expansion of ParkWhiz’s ArriveTM Connected Mobility Network




Chicago, November 13, 2018 – ParkWhiz announced today that it added an additional $5 million in equity to its recently announced Series D financing, bringing the total funding round led by NewSpring Capital to $25 million. The additional funding includes investments from strategic investors including Amazon’s Alexa Fund, Alate Partners, Chaifetz Group and Purple Arch Ventures.


The proceeds will be used to further expand the company’s industry-leading Arrive Network – ParkWhiz’s friction-free parking network. The partners were an ideal fit based on their ability to add value beyond capital and help the company more rapidly expand its consumer reach and its inventory coverage.


“The Alexa Fund was created to support companies building compelling products and services that leverage voice technology, and ParkWhiz is a fast-growing company that fits that profile perfectly,” said Paul Bernard, director of the Amazon Alexa Fund. “Customers love using its Alexa skill to find and reserve parking spaces using just their voice, and we’re excited to support them as they pursue deeper integrations with Alexa at home and on the go.”


“We’re excited to invest side-by-side with other great investors in a business model that we see as a disruptive force in the mobility space and that provides new options for the consumer,” said Dr. Richard A. Chaifetz, Chairman of Chicago-based Chaifetz Group.


“We’ve been working closely with Amazon and Alate Partners, and we’re excited to welcome them as strategic investors in ParkWhiz,” said Yona Shtern CEO and Executive Chairman of ParkWhiz. “It represents an important opportunity for us to work together to further accelerate our growth, expand our inventory footprint to more premium properties in major urban centers across North America and bring a better way to park to millions of consumers through the Arrive Network.”


A powerful last-mile solution, the Arrive Network combines new wireless technologies with ParkWhiz’s innovative parking platform and industry-leading parking inventory footprint. Any driver using an Arrive-powered app or registered vehicle will be able to experience seamless payments and truly friction-free entry and exit at participating lots and garages.


“We partner with companies that disrupt the status quo in the real estate industry and use technology to rethink how physical assets are managed,” added Courtney Cooper, Director of Corporate Development at Alate Partners. “ParkWhiz’s ability to improve the parking experience while maximizing profits for real estate owners and managers is really impressive and has massive potential on a global scale.”


ParkWhiz has expanded rapidly over the last two years, providing more than 40 million customers with parking reservations and drive-up, friction-free parking experiences in garages and lots in the U.S. and Canada. It powers transactional parking services for hundreds of distribution partners, including sports teams and venues, events, travel providers, airlines, hotels, automotive OEMs, and navigation systems within their own apps, websites and emails. The technology can be operated via text, voice command or embedded right into the vehicle. Drivers can also find, book, and pay for parking via the company’s top-rated ParkWhiz and BestParking mobile apps and websites.