ParkWhiz

History and growth

ParkWhiz was founded in 2006 by Aashish Dalal (current CEO) and Jon Thornton.

With its origins in Chicago at a few parking facilities around sporting events, ParkWhiz has grown from a bootstrapped venture to a service that works with 4,000 parking facilities in over 50 major cities and 35 states. Founders Dalal and Thornton conceived of the ParkWhiz concept in 2004 after becoming frustrated with the problem of locating parking during baseball games. While parking spaces were available at various parking facilities, there was no organized system for determining their location or their price.

ParkWhiz initially functioned by connecting drivers with parking facility operators near stadiums and concert halls, but now also covers airports, and daily/monthly parking throughout cities across the nation. The service, launched with $7,000 of Dalal’s own money, allows users to quickly and efficiently locate and purchase parking spaces online and on mobile devices before reaching their destinations. ParkWhiz's search results offer real-time parking availability at ParkWhiz partner locations, ensuring that parking spaces are available before arrival. From a two-man operation at its inception, ParkWhiz, as of January 2016 has over 50 employees across 4 states.

Acquisition of BestParking

In late 2015, ParkWhiz acquired the leading parking service in New York, BestParking. BestParking serves as a white label solution for other parking companies in the city.

Concur

ParkWhiz is a partner app in Concur’s app center, allowing Concur users and business travelers to mail e-receipts from ParkWhiz bookings to Concur for easy expensing.

Ford

ParkWhiz will integrate with Ford’s new FordPass app, bringing the convenience of booking advanced parking to FordPass members. FordPass will feature ParkWhiz as one of its start-up companies providing a suite of transportation services, including smart parking. The partnership was announced at the Detroit Auto Show in early 2016.

StubHub

ParkWhiz is the official parking provider for StubHub. Customers who buy tickets on StubHub are offered parking through ParkWhiz.

Barclays Center

ParkWhiz is an official partner of Barclays Center in Brooklyn, NY, with dasherboard ads and in-game promotions running during select New York Islanders hockey games.

Indianapolis Colts

ParkWhiz is the official parking provider of the Indianapolis Colts.

Financial information

The company was a bootstrapped venture until December 2012 when it raised $2 million in Series A funding led by Hyde Park Venture Partners. Other investors in the round included: Alexis Ohanian of Reddit, Ira Weiss, Henry J. Feinberg, and Amicus Capital. ParkWhiz reported that the funding was used to broaden the company’s reach and prepare for its first iOS and Android app releases. In July 2014, ParkWhiz raised $10 million in a Series B round of funding led by venture fund Jump Capital. The Series B round has allowed ParkWhiz to improve its mobile experience, expand its offerings and hire additional employees.At the End of 2015, ParkWhiz raised $24 million in a Series C round of funding led by Baird Capital with participation by growth capital investor Beringea and existing investor Jump Capital.

Services

ParkWhiz allows drivers to locate and purchase daily, monthly, and event parking through its web and mobile applications. Users of the ParkWhiz service are able to compare prices, locations, and amenities. After drivers select a spot and process their payment, they’re given an electronic parking pass that can be printed or presented on a smartphone or tablet.ParkWhiz, with the acquisition of BestParking, now offers the most comprehensive coverage in the country with more than 4,000 parking locations and over 800,000 parking spaces in over 50 major cities.

In 2013, as part of its first growth beyond Chicago, ParkWhiz expanded its monthly parking feature to New York City. As part of the expansion, ParkWhiz offered approximately 200 locations in New York. ParkWhiz offers approximately 10,000 parking spaces with an average monthly parking rate of $350 in New York City, and users are guaranteed their rates for at least six months.

The company organized parking for the Super Bowl in 2010 and parked an estimated 30% of Super Bowl traffic in 2012.

Products

ParkWhiz offers three primary products for consumers: Monthly Parking, Event Parking, and Daily Parking. Monthly parking allows drivers to search for and purchase parking on a monthly basis and requires no contractual obligation. Event Parking provides users with the ability to reserve parking near concert and event venues. ParkWhiz's Daily Parking feature enables users to find and book parking on-the-go or in advance on a daily basis.

ParkWhiz Seller Console for owners

ParkWhiz Seller Console for owners allows anyone with a parking space to utilize the ParkWhiz website, mobile tools, and data APIs to sell their parking online. By partnering with ParkWhiz, parking space owners can advertise their parking to millions of ParkWhiz customers, issue pre-paid parking validation, and process payment.

Charitable donations

ParkWhiz sponsored the 10th Annual Walk Now for Autism Speaks event, providing discounted and complimentary services to the events attendees. Additionally, ParkWhiz employees volunteered at the Autism Speaks event by handing out free merchandise and free parking to attendees.

ParkWhiz has also worked with Susan B. Komen Race for the Cure, the CHUCKSTRONG fund, and the Rock & Roll Marathon, which is a St. Judes Child Research endeavor.ParkWhiz commissioned Envision, a local organization that runs a studio arts program for artists with intellectual and developmental disabilities, for a handful of art pieces from the charity that will adorn the walls of their office. ParkWhiz employees worked alongside Envision’s artists to produce additional pieces for their new space at their 2015 holiday party, which was held at Envision’s workspace in West Town, Chicago.

Media coverage

Since its inception in 2006, ParkWhiz has received recognition from a number of media outlets. Some of these outlets include The New York Times, The Wall Street Journal, Bloomberg Businessweek, ESPN, CNN, and Mashable!