Pango™ Closes $6.5 Million Financing Round New funding fuels rapid market growth and new R&D innovation
NEW YORK, Feb. 27, 2014 /PRNewswire/ -- Pango Mobile Parking, Ltd, the leading mobile parking payment company with headquarters in Kadima, Israel and New York City, New York, announced today that it has closed an investment round which will provide the company with up to $6.5 million in new funding. Bearing Capital Ltd. and existing shareholders led the round. Proceeds from the round will be used to fund rapid growth and the development of next-generation smart parking applications.
"We have witnessed how use of the Pango platform changes the parking experience of drivers in a meaningful way and are excited to join Pango as we roll out this platform on a broad scale" said Mark Fischer, CEO of Bearing Capital. "We understand that the parking industry and consumers alike are ripe for change to implement new and more convenient parking payment systems. We are thrilled to be part of the Pango solution which offers unprecedented technological innovations that are first and foremost consumer focused. "
Pango recently launched their service offers in Alexandria, Virginia and Scranton, Pennsylvania with on-street/municipal cellular parking services and in New York City in private garages. Additionally, Pango offers parking garage locator services, valet parking, and location-based coupons.
"Cities and private parking operators are adopting the Pango Platform at light speed because they see the tangible results provided by the service: consumer convenience, increased revenues, reduced costs, and real time parking information," said Neil Edwards, President of Pango. "The Bearing Capital investment along with the continued support of our existing shareholders provides the resources required to facilitate an expedited expansion platform across North America."
Pango's technology was invented in 1996 and that same year received international patents including U.S. patent number 5,940,481. Pango's technology launched across Israel in 2007 and currently boasts over 800,000 users recording over 2 million monthly parking transactions. The Company's technology is currently licensed and in use in the Israeli market, the Czech Republic, Germany, Greece, and Poland. The investment will be used to further the development of our innovative mobile parking application introducing new features using cutting-edge technology.
Zion Harel, CEO of Pango Mobile Parking Ltd., said, "We welcome Bearing Capital to the Pango family and together with our current investors Pango will continue to lead the technological revolution in the parking market by offering unprecedented convenience to consumers and tangible benefits to municipalities and parking garage operators. We are keenly focused on changing the current dynamics of the parking landscape, one driver at a time."
About Pango Mobile Parking: Pango is the world's first smart parking app provider offering mobile and location based services. Its offerings include mobile payments for on-street parking, gated parking, valet, and fleet parking. Pango offers real time enforcement and traffic analytics. The Pango system also integrates location-based coupons into the app. It is in use in 47 cities worldwide, serving more than 800,000 active accounts, and processing approximately 2 million transactions monthly. Invented in 1996, Pango received patents (US Patent No. 5,940,481) for this first-of-its-kind technology in the United States, China, Hong-Kong and Israel; it has been in use since 2006. For more information on how to bring PangoUSA to your city, please visit PangoUSA.com or contact by email email@example.com.
About Bearing Capital: Bearing Capital is private investment firm dedicated to investing in innovative consumer-focused companies. Bearing is committed to partnering with exceptional entrepreneurs working to address key market needs. Bearing's management team brings a wealth of experience to work with our portfolio companies in providing strategic, operational and financial advisory to drive growth.
Contact: Mimi Richman, 212-580-0835, firstname.lastname@example.org
SOURCE Pango Mobile Parking, Ltd