ParkWhiz Acquires BestParking, Declares $24M Increase

ParkWhiz Acquires BestParking, Announces $24M Raise

On-demand parking apps is probably not probably the most glamorous of startups; they’re primarily all about entry. Along with saying its largest increase thus far, ParkWhiz introduced an acquisition immediately that may convey its clients, notably these within the New York market, even larger entry.

The Chicago-based mostly parking startup introduced Tuesday that it had raised $24 million in Collection C funding. The announcement of the spherical, which was led by Baird Capital, accompanied information that the startup had additionally acquired New York-based mostly competitor BestParking. Beringea and Leap Capital additionally participated within the Collection C, which introduced ParkWhiz’s complete funding so far to $36 million.

With the brand new acquisition, ParkWhiz says its platform has over 800,000 areas in four,000 parking places throughout 50 main U.S. cities. The corporate stated that the mixed attain of each BestParking and ParkWhiz drove over $50 million in income to parking operators in 2015, and that there have been over 1 million bookings in New York Metropolis alone this previous yr.

ParkWhiz operates very similar to different startups on this area do, by trying to attach customers with obtainable parking places of their metropolis as effortlessly as potential by way of their cellular app.

“With our give attention to offering drivers a frictionless parking expertise and parking operators with environment friendly know-how, we have now grown to be the chief within the on-demand parking area,” stated Aashish Dalal, ParkWhiz co-founder and CEO, in a press release. “Complementing ParkWhiz with BestParking’s management place in New York Metropolis and experience in sourcing nationwide parking knowledge, mixed we grow to be the foremost useful resource for drivers and parking suppliers.”