ParkWhiz Closes $10 Million in Funding


ParkWhiz Closes $10 Million in Funding

ParkWhiz Inc., the nation’s largest and fastest growing online parking marketplace, has announced the closing of a $10 million Series B funding round led by Jump Capital. The company will use the funding to further streamline the parking process, expand its geographical footprint and play a key role in the rapidly changing transportation sector. 
The funding round also includes current investors Hyde Park Venture Partners, Reddit Co-Founder Alexis Ohanian, former Nokia/Navteq CTO Amreesh Modi, former Technology Crossover Ventures Partner Henry Feinberg and Hyde Park Angels.
More than 1 million customers have booked parking through ParkWhiz, the company said, and the infusion of capital positions it to grow this user base and capitalize on “connected car” initiatives, such as Apple CarPlay and Android Auto. It also expects to add 50 people to its current team of 25 over the next year.
“In 125 markets across the country, ParkWhiz offers easy-in, easy-out access to a wide range of parking options, many at a discounted rate, but we are only beginning to scratch the surface in terms of our growth and the services we provide,” Co-Founder and CEO Aashish Dalal said. “With our Series B [funding] round, we can give drivers one-touch access to low-priced options through our free mobile app, with a secure, frictionless parking experience,” he added.
ParkWhiz is designed to simplify the entire parking process by
putting push-button convenience and on-demand service at every driver’s fingertips, saving them time, money and frustration, all while limiting their carbon footprints.
“Since its inception in 2006, ParkWhiz has pioneered a better way for drivers to find and pay for parking,” said Sach Chitnis, Managing Partner of Jump Capital. “We are excited to work with Aashish Dalal, who has proven to be a remarkable founder and CEO. He and the entire team have shown the ability to execute at scale, while simultaneously building a brand that is highly valued by its customers.”
[Source: ParkWhiz Inc.]
Article contributed by the Parking PT team.
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