Type Privately held company Products Parking spaces | Area served United States Founded 2011 | |
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Headquarters 325 W Huron St.
Chicago, IL Key people Elan Mosbacher, Leah Potkin, Tim Maloney, Jason Pinter, Elissa Beckman, Kristen Cho Services On Demand Parking Marketplace Founders Larry Kiss, Mark Lawrence, Jeremy Smith Profiles | ||
SpotHero is an on-demand parking mobile app- and website-based marketplace that connects parking lots, parking garages and valet services that comprise the marketplace for parking spaces with drivers who need to find and reserve them. The company was co-founded by Mark Lawrence, Larry Kiss, and Jeremy Smith and is based in Chicago.
Contents
Mark lawrence co founder ceo of spothero
History and Early Beginnings
The founders were motivated to start SpotHero because based on their experience with excessive parking tickets, they felt there should be a better way to park. After its early beginnings at startup incubator TechNexus, SpotHero was molded at the Excelerate Labs technology incubator that is now known as TechStars Chicago. When it raised $2.5 million in venture capital funds from Battery Ventures (Lead), 500 Startups, Bullet Time, e.Ventures, OCA Ventures, New World Ventures, Lightbank, and Draper Associates in December 2012, it only served Milwaukee and Chicago. In June 2014, SpotHero raised an additional $4.5 million in funding and announced new board of directors members (LinkedIn's Mike Gamson, Match.com's Sam Yagan and venture capitalist Sam Guren).
Growth and Expansion
In the 18 months between the first two rounds of funding, the company expanded from 5 to 22 full-time employees, grew to 7 business markets (Chicago, New York, Washington DC, Boston, Baltimore, Newark and Milwaukee) and opened an office in New York City. Following the second round of funding the company planned to expand to Western and Southwestern United States cities such as Dallas, Houston, San Diego, San Francisco and Los Angeles. The company works with leading parking operators including ABM Parking Services, Impark, LAZ Parking and Chicago-based Standard Parking.
By August 2015, the business, which serviced 12 cities: Baltimore, Boston, Chicago, Denver, Milwaukee, Minneapolis, New Orleans, Newark, New York City, Philadelphia, San Francisco, and Washington DC, raised $20 million in a series B round. As of February 2016, SpotHero was considered Washington D.C.'s "biggest parking marketplace."
On October 20, 2015, former Zipcar executive John Horton joined the SpotHero team as the GM to lead and grow the team in New York City.
Usability
The SpotHero app helps providers list available spaces for motorists who use the free mobile app or website and the SpotHero QR code or confirmation code. Drivers save time and money by using the app, and have the confidence that a space will be waiting for them when they arrive.
SpotHero focuses on daily and monthly off street parking. One of the company's early rivals was ParkWhiz, which began with an event parking business model.