Tag Archives for: Venture Capital

Get My Parking Raises $6M Funding from IvyCap and IAN Fund to Digitize Parking Industry Globally

May 27, 2021

Get My Parking Raises $6M Funding from IvyCap and IAN Fund to Digitize Parking Industry Globally

Bangalore – Mobility startup and smart parking pioneer ‘Get My Parking’ (GMP) announced a fundraise of INR 43 crores led by IvyCap Ventures. Existing investor IAN Fund also participated in the round. Masterkey Holdings served as the investment banker.

Founded in 2015 by Chirag Jain and Rasik Pansare, GMP has digitized over 3000 parking lots across Europe, the US, and India. It will use the new funds to scale its IoT platform and extend its footprint in the US, LATAM, and Australia markets. The startup also plans to use the capital for hiring and expanding its team, with a focus on engineering and product teams.

Chirag Jain, CEO, Get My Parking, commented on the fund raise, “We are very excited for what lies ahead of us. Parking is an under-utilized real estate that is uniquely positioned to serve the changing urban needs. Our technology enables a seamless use of parking for shared mobility, storage and deliveries for e-commerce, EV charging, and on-the-fly automotive services. With our modular, affordable yet cutting-edge technology, we are confident of transforming parking lots into mobility hubs worldwide.”

Get My Parking’s open IoT platform is an end-to-end digital enabler for parking operators and facility managers around the world. It empowers them to offer their end consumers online discovery and transaction capability. The company’s technology upgrades physical parking lots into digital mobility hubs with contactless access and cashless payments. Operators can also launch their consumer app and loyalty programs in just two weeks with customizations. Behind the scenes, its IoT gate kit GMP Access can integrate any legacy parking equipment with any app or cloud software. This allows a host of multi vendor sensors to work in tandem with plug-n-play API integrations. This makes it possible for connected cars and autonomous vehicles to conduct machine-to-machine interactions with parking gates for automated entry and payments. Get My Parking offers its tech as a white-label Software-as-a-Service model.

Rasik Pansare, Co-Founder, Get My Parking, commented, “Parking infrastructure needs dozens of equipment and tech vendors. Most of these offer discrete pieces of functionalities that work in silos, typically offline. We provide operators with the technology they need to launch innovative digital offerings relevant to modern consumers. We have drastically improved their time to market, user experience, loyalty, revenue, and business diversification.”

Parking equipment collects a tremendous amount of data which is rarely tapped properly. Get My Parking’s solutions such as ‘GMP IQ’ and ‘GMP AI’ help make sense of that data through a configurable admin dashboard and other creative applications like dynamic pricing, occupancy predictions, intelligent enforcement, and so on. The smart parking startup’s latest product, ‘GMP Permit’ enables operators to digitally manage long-term parking permits and issue them to contract parkers online.

Commenting on the funding, Vikram Gupta, Founder and Managing Partner, IvyCap Ventures Advisors Pvt Ltd, said, “We are impressed by the Get My Parking team and what it has achieved in an underserved sector. We believe in the combination of their talent, technology, and strategy to truly transform the parking and mobility industry globally. Our investment in the company is aimed at helping them in their expansion and growth.”

Get My Parking has started working closely with automotive and logistics companies to solve the parking piece of the mobility puzzle. Recently, it announced a collaboration with Mercedes-Benz to assist end-users in discovering and navigating to a relevant parking lot.

Commenting on the funding, Saurabh Srivastava, Co-Founder of IAN, Past Chairman NASSCOM, said, “We are proud to have been part of Get My Parking’s journey in the past and are excited for its future. With several customers onboard globally, Get My Parking is perfectly poised to leverage this untapped opportunity with its sharp focus on execution.”

Get My Parking has deployed its solution for some of the largest parking operators in the world such as APCOA Parking, which operates across 9000+ locations in 13 countries. GMP has also performed deployments for early customers in Brazil, UAE, Australia, and Taiwan. It began its foray in the USA market last year by establishing a sales partnership with industry veteran ParkTrans and signing up two large parking operators. It will further invest in building a US office and team. With the latest fund raise, Get My Parking is prepared to grow its global footprint with newer products and markets.

About Get My Parking

Get My Parking (GMP) is an award-winning provider of an Interoperable Smart Parking Platform that connects all parking and mobility stakeholders operating in silos. With a clear mission to digitize the parking industry globally, its tech can retrofit legacy equipment and enable cloud native apps and a digital consumer experience. Get My Parking was founded in 2015 by Chirag Jain and Rasik Pansare with a vision to make every parking transaction a sub-conscious experience. With a strong foundation of team, technology and partnerships, GMP is creating a future-proof omni stack for the parking industry.

About IvyCap

IvyCap Ventures is one of the leading homegrown venture capital fund management companies in the country managing INR 1,500 crores across three funds. Founded by Vikram Gupta in 2011, the company has been leveraging global alumni ecosystems to build technology-driven innovative companies.

About IAN Fund

IAN Fund is an INR 375 crore fund launched by Indian Angel Network, which is India’s first and world’s largest business angel network with close to 500 members across the world. IAN Fund is a uniquely differentiated seed/early stage fund which aims to transform India’s entrepreneurial landscape. The fund invests in innovative companies in sectors including healthcare and medical devices, VR, AI, software as a service, marketplaces, fin-tech, big data, artificial intelligence, agritech, and hardware. With this, IAN has created the single largest platform for seed and early-stage investing, enabling entrepreneurs to raise from Rs. 25 lakhs to Rs. 50 crores.

Contact Information:

Rasik Pansare,

Co-founder and CMO,
Get My Parking
care@getmyparking.com
+17-182-134398

+91-11-408-45100

Website: https://www.getmyparking.com

Social Media:

Facebook: https://www.facebook.com/getmyparking/

Twitter: https://twitter.com/getmyparking/

Linkedin: https://www.linkedin.com/company/10640338/

Youtube: https://www.youtube.com/c/Getmyparking

FLASHPARKING SECURES $60 MILLION FROM L CATTERTON’S GROWTH FUND

January 15, 2020

FLASHPARKING SECURES $60 MILLION FROM L CATTERTON’S GROWTH FUND

Company to Aggressively Scale Cloud-Based Parking System for Cities and Real Estate Owners to Optimize Value and Tap into the Mobility Ecosystem

Austin, Texas and Greenwich, Conn., (January 15, 2020) — FlashParking, the leader in parking technology, today announced that it has received a $60 million strategic investment from the Growth Fund of L Catterton, the largest and most global consumer-focused private equity firm. The investment will be used to scale FlashParking’s industry-leading extensible, cloud-based parking system that enables 21st-century parking and the evolution of isolated parking assets into connected mobility hubs.

Launched in 2011 as the industry’s first cloud-born parking technology, FlashParking is perfecting the parking experience with real-time data visibility and actionable intelligence, including supply data and dynamic pricing, to diversify revenue and deliver a frictionless experience. Today, FlashParking’s mobility hub operating system is the connective layer that transforms parking assets into multi-purpose mobility hubs where parking, transportation, mobility, and logistics intersect within a smart city environment. FlashParking’s operating system empowers real estate owners, parking operators, and cities to tackle complex mobility issues such as congestion, lack of visibility into supply and demand, and fragmented consumer experiences.

“FlashParking is a best-in-class parking solutions provider with proven technology and an industry-first cloud-based software solution,” said Michael Farello, Managing Partner, L Catterton Growth Fund. “We are pleased to partner with the FlashParking leadership team to accelerate the Company’s growth and facilitate the delivery of mobility services to consumers and businesses.”

The mobility industry is facing a paradigm shift that is moving the conversation toward systems that can support today’s and tomorrow’s mobility services rather than typical “to” and “from” mobility technologies. To get ahead of this evolution, in the coming months FlashParking intends to announce new partnerships with transportation, logistics, and mobility companies that are leveraging its platform.

“Over the last nine years, we have built the FlashParking platform with quality and adaptability in mind by making it cloud-based, mobile-first, and future-ready. This unique platform has allowed us to configure an operating system that’s not only the best solution for parking infrastructure today but also a model that’s ready for tomorrow,” said Juan Rodriguez, co-founder of FlashParking. “With this funding from L Catterton, we’ll be able to quickly scale our mobility hub operating system and become the only company that can turn customers’ parking assets into facilities that enable every facet of mobility, including mobile-enabled parking and valet, staging for TNCs, charging for electric vehicles, cleaning and servicing, drone launching and landing, and points for delivering.”

FlashParking’s ability to innovate the parking experience has never been more evident than through its partnership with Texas Medical Center (TMC), the world’s largest medical city. In May 2018, TMC chose FlashParking to help modernize its facilities and better respond to the evolving mobility ecosystem. Today, FlashParking’s mobility platform controls 30,000 parking spaces via 230 lanes across 34 facilities while simplifying parking, reducing congestion, improving traffic flow, and enhancing the experience for the more than 10 million patients, visitors, staff, and students who visit TMC annually.

In addition to TMC, FlashParking is delivering at an enterprise scale of more than 6 million parkers per month and processing $1 billion in transactions at more than 1,300 locations worldwide.

Rodriguez continued, “L Catterton has an unparalleled track record of building leading brands and rapidly scaling operations, which makes them the ideal partner for us as we grow and expand our business. We look forward to leveraging L Catterton’s expertise and experience scaling multi-sided marketplaces as we work together to build out connected mobile hubs that deliver value to all stakeholders.”

L Catterton has significant experience in investing globally in technology-enabled marketplaces and businesses. Current and past investments include ClassPass, Artsy, Vroom, Get Your Guide, and Enjoy.

BofA Securities served as financial advisor to FlashParking.

To learn more about FlashParking’s mobility hub vision and operating system, please visit www.flashparking.com.

About FlashParking

FlashParking is a leading parking technology company that addresses some of the most complex transportation problems facing urban societies. Founded in 2011 to perfect the parking experience, FlashParking has grown to serve thousands of operations, enterprise portfolios, and smart cities nationwide. Today, the company is enabling traditional parking assets to evolve into next-generation mobility hubs by implementing future-ready hardware and software infrastructure, a powerful business intelligence engine, and a robust partner ecosystem. FlashParking is the best parking solution for today and the only mobility solution for tomorrow. Visit us at www.flashparking.com to learn more.

About L Catterton

With approximately $20 billion of equity capital across seven fund strategies in 17 offices globally, L Catterton is the largest consumer-focused private equity firm in the world. L Catterton’s team of more than 190 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad thought partnership network. Since 1989, the firm has made over 200 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH, and Groupe Arnault. For more information about L Catterton, please visit www.lcatterton.com.

CityLift Parking Secures $22.5 Million Series C Funding With Dundon Capital Partners

October 07, 2019

CityLift Parking Secures $22.5 Million Series C Funding With Dundon Capital Partners

OAKLAND, CA – CityLift Parking (“CityLift”), the leading provider of automated parking lifts in the U.S., announced it has completed its Series C capital round with Dundon Capital Partners LLC (“DCP”). The investment is the largest completed for any U.S. automated parking lift company in the market today. Specific terms of the transaction were not disclosed. CityLift plans to use funds to accelerate its growth and invest in technology innovation to address the rapidly growing automated parking lift industry. John Zutter, Jason Kulas and Jeff Vanderbilt from DCP will be joining CityLift’s Board.

“We are delighted to be partnering with DCP,” says Scott Gable, CEO and co-founder of CityLift Parking. “This investment is a vote of confidence in CityLift as the leading player in the future of parking.”

This funding builds on an exceptional year for CityLift. CityLift was recognized by Inc. Magazine as the 66th fastest growing company in the United States and the fourth fastest growing company in the construction industry. With its CityLift Puzzle™ design, CityLift became the only company approved for semi-automated parking lift systems in Los Angeles. It completed the largest project in the country, a 235-space project in Oakland, CA, and the first 5-level puzzle lift in the U.S., in Nashville, TN. The company is building the first fully automated system in the Pacific Northwest and the first parking lift system in Salt Lake City.

“DCP’s experience with rapidly growing companies complements CityLift’s current capabilities and will allow it to expand into new markets and attract new customers” says Mike Ghielmetti, CityLift Board Member and co-founder.

The funding is also well timed to catch the industry growth wave. Automated parking lifts are rapidly being accepted by cities, developers, architects and builders as a means to use less space, build faster, and reduce cost versus building conventional parking.

“CityLift has demonstrated itself as a clear market leader in the parking space and fits well with our focus on opportunities with strong leadership, attractive and sustainable margins and secular growth trends. We are excited to partner with Scott and Mike and the team going forward.” says John Zutter, Partner of Dundon Capital Partners. Mr. Zutter will be joining CityLift’s Board as its Chairman.

About CityLift Parking

CityLift Parking designs, installs, and services automated parking lifts that save space, reduce the cost of building parking, and reduce construction time. CityLift is headquartered in Oakland, CA, with offices in Los Angeles and Boston.

About Dundon Capital Partners

Dallas-based Dundon Capital Partners, LLC is a private investment firm focused on private equity and credit investments across a range of industries. The firm has unique operational experience and managerial capability, combined with its financial backing drives value for its investments and help them achieve their full-growth potential and long-term objectives. DCP holds investments in companies such as Topgolf, Employer Direct Healthcare, OTO Development and a variety of commercial and residential real estate assets.

Contact

Raymond Kahue

Director of Marketing

rkahue@cityliftparking.com

www.cityliftparking.com

ParkWhiz Closes Equity Round To Accelerate Growth

September 07, 2018

ParkWhiz Closes Equity Round To Accelerate Growth

NewSpring Leads $20M Round to Expand the Company’s Lead in Last Mile Mobility Services

Chicago, September 7, 2018 – ParkWhiz, the leading transactional platform that delivers scalable, friction-free drive-up and reservation parking services, announced today that it closed $20 million in new funding, as part of its Series D financing. The round was led by NewSpring, a prominent family of private equity funds, with participation from existing investors, including Baird Capital, Jump Capital and Beringea.

The proceeds will be used to continue the company’s rapid growth of its transactional parking network, expand its footprint into new geographies, and further evolve its connected and autonomous technology to better serve drivers, parking operators, and platform distribution partners.

Founded in 2007 and based in Chicago, ParkWhiz provides seamless access to thousands of parking lots and garages in over 190 cities across North America, with hundreds of new facilities joining the network every month. The company uniquely embeds its services directly into the user journeys of more than 300 distribution partners through the ParkWhiz Platform.

Expanding rapidly, the ParkWhiz Platform provides over 40 million consumers with parking reservations and friction-free, drive-up access in garages and lots through sports teams and venues, events, travel providers, airlines, hotels, automotive OEMs, and navigation systems. Partners can offer friction-free, transactional parking as a value-added service provided directly through their own apps, websites, and emails, 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.

“Off-street parking is a large, growing market internationally and we are proud to be a leader in the space,” said Yona Shtern, CEO of ParkWhiz. “The rapid adoption of connected and autonomous mobility services coupled with our complementary business models creates an extremely attractive market opportunity for us to expand into and foster new partnerships with consumer brands, parking operators, and asset owners. We’re thrilled to join forces with the NewSpring team as we enter this exciting phase of expansion.”

“ParkWhiz deploys an innovative approach to a frictionless parking experience, having already accomplished impressive growth in its market,” commented Glenn Rieger, NewSpring General Partner. “With strong brand recognition, both among consumers and Platform partners, and an accessible, efficient technology, we believe ParkWhiz is ideally-positioned for continued growth and scale. NewSpring is thrilled to partner with Yona and the rest of the ParkWhiz management team.”

Along with its investment, NewSpring’s Glenn Rieger will join the ParkWhiz Board of Directors.

www.parkwhiz.com

Passport Raises $8 Million Series B Funding to Accelerate Growth

May 04, 2016

Passport Raises $8 Million Series B Funding to Accelerate Growth

May 3, 2016- Charlotte, NC – Passport, North America’s leading mobile technology company in parking, transportation and transit management, today announced that it closed an $8 million Series B round led by MK Capital with participation from existing investors Grotech Ventures and Relevance Capital. This investment brings Passport’s total funding to $17 million.

“We have been following this space closely over the last few years and have conducted extensive diligence. The team at Passport has done a remarkable job of supporting an impressive list of clients, bringing in the best and the brightest, producing a cutting edge platform, expanding revenue growth, and building strong industry partnerships. Passport is the clear market leader on many fronts and will continue to push the industry forward,” said Bret Maxwell, Managing General Partner at MK Capital.

Passport provides an enterprise software platform for parking and transportation customers centered around mobile payments, enforcement, and permits. Passport supports the operational needs of industry professionals by providing real-time insights not attainable through existing infrastructure. Passport is currently partnered with a growing list of over 250 clients, helping them support over 2 million community users.

“We are thrilled to add Bret Maxwell to our investment team and receive this new round of funding. The additional capital will enable us to accelerate our company’s growth and expand our team to support our product roadmap and serve our clients’ needs. Our enterprise platform is striking a chord with the market as they look to bring technology into their operations and drive efficiency,” said Bob Youakim, CEO at Passport. “Knowing that our platform helps relieve pressure points from their day-to-day operations to free up their time is rewarding,” said Youakim.

The investment will help scale Passport’s operations and expand into new domestic and international markets. “Passport has grown substantially since its initial round of funding. It’s not often that companies at this stage reach positive cash flow in such a short period of time and Passport is set to get there this year. This new infusion of capital will allow Passport to gain additional market share and provide innovative solutions to real-world problems faced by community stakeholders,” said Don Rainey, General Partner, Grotech Ventures.

Passport has deployed its software solutions in large metro cities such as Chicago, Toronto, Boston, Detroit, Cincinnati, Sacramento, and Salt Lake City, as well as scores of smaller communities. While using Passport’s platform, clients are able to manage every aspect of their parking operation. In addition, end-users receive highly rated mobile applications to pay for parking sessions and transit tickets.

“Our enterprise platform, our team, and the overall market make this a great time to accelerate our growth plans. We look forward to continuing to serve our current and future clients,” Youakim said.

About Passport

Passport is North America’s leading mobile technology company specializing in enterprise business applications and payments for the public and private sector. Passport’s product lines–parking payments, transit payments, enforcement and permit management–collectively serve to deliver dynamic tools for agencies to better connect with their communities. Its services have been adopted by over 20 of the top 50 cities in North America and over 2,000 locations including Chicago, Toronto, Boston, and Portland. Passport’s mission is to reduce operational complexity and deliver intelligent data to improve decision making for its clients.

Headquartered in Charlotte, NC, Passport is backed by a highly respected group of investors, including Grotech Ventures, Relevance Capital, and MK Capital. For more information, please visit www.passportinc.com.

About MK Capital

MK Capital (www.mkcapital.com) invests in early and growth-stage companies in the software and digital media industries. The firm’s partners, who average over fifteen years of venture capital experience, partner with entrepreneurial management teams to build leading companies in emerging markets.

MK Capital has deep domain expertise in the marketing, education, and cloud infrastructure industries. MK Capital manages over $250 million in capital and is actively seeking new investment opportunities.

About Grotech Ventures

Founded in 1984, Grotech Ventures (www.grotech.com) is a leading early investor in high-potential technology companies. With more than $1.3B under management, Grotech seeks innovative, early-stage IT companies and continues to invest and add value throughout the growth of its portfolio companies. The firm has a strong combination of industry relationships and deep domain and operational expertise to accelerate growth. Grotech supports early-stage companies through investments starting at $500,000. General partners include Frank Adams, Chuck Cullen, Lawson DeVries, Steve Fredrick, Don Rainey and Joe Zell. The firm has offices in Virginia, Maryland, and Colorado.

About Relevance Capital

Relevance Capital (www.relevancecapital.com) is an early-stage venture firm that focuses on compelling business ideas that have the commercial relevance to make attractive investment opportunities. Relevance works with passionate entrepreneurs and investment partners to achieve success by forging strategies that impact existing sectors and create exciting new markets. Relevance seeks early stage opportunities within three industry silos: Cloud-Based Software, Healthcare Enablement and Advanced Technologies. Relevance locations include Nashville and Philadelphia. Relevance is led CEO Fran Marcum and Managing Partner Cameron Newton.