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Already in 125 markets across the country, online parking marketplace ParkWhiz is announcing a $10 million Series B round and further geographical expansion today. Jump Capital, Hyde Park Venture Partners, Hyde Park Angels and other angels backed this round so that ParkWhiz can not only expand its user base, but add 50 more people to its 25-person team over the next year.
The ParkWhiz team prides itself on allowing users to easyily find, pay for and book parking spots via its site and mobile app. “But we are only beginning to scratch the surface in terms of our growth and the services we provide,” said co-founder and CEO Aashish Dalal in a statement.
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ParkWhiz has a lot of room to grow in the $30 billion parking industry in the US. Dalal said he is aiming to capitalize on connected car initiatives like Apple CarPlay and Android Auto in the future to deepen ParkWhiz’s hold on its biggest markets of Chicago, New York, San Francisco and DC. 1 million customers have booked parking spaces through ParkWhiz since it was founded in 2006
Last month, fellow Chicago-based parking app SpotHero, a ParkWhiz competitor, raised a $4.5 million Series A round from big name local investors. SpotHero, which has already expanded to six new markets outside of Chicago since its mid-2011 launch, is using the funds to expand its 22-person team and its parking supply around the country.
