CHICAGO, Nov. 13, 2018 /PRNewswire/ -- ParkWhiz announced today that it added an additional $5 million in equity to its recently announced Series D financing, bringing the total funding round led by NewSpring Capital to $25 million. The additional funding includes investments from strategic investors including Amazon's Alexa Fund, Alate Partners, Chaifetz Group and Purple Arch Ventures.
The proceeds will be used to further expand the company's industry-leading Arrive Network - ParkWhiz's friction-free parking network. The partners were an ideal fit based on their ability to add value beyond capital and help the company more rapidly expand its consumer reach and its inventory coverage.
"The Alexa Fund was created to support companies building compelling products and services that leverage voice technology, and ParkWhiz is a fast-growing company that fits that profile perfectly," said Paul Bernard, director of the Amazon Alexa Fund. "Customers love using its Alexa skill to find and reserve parking spaces using just their voice, and we're excited to support them as they pursue deeper integrations with Alexa at home and on the go."
"We're excited to invest side-by-side with other great investors in a business model that we see as a disruptive force in the mobility space and that provides new options for the consumer," said Dr. Richard A. Chaifetz, Chairman of Chicago-based Chaifetz Group.
"We've been working closely with Amazon and Alate Partners, and we're excited to welcome them as strategic investors in ParkWhiz," said Yona Shtern CEO and Executive Chairman of ParkWhiz. "It represents an important opportunity for us to work together to further accelerate our growth, expand our inventory footprint to more premium properties in major urban centers across North America and bring a better way to park to millions of consumers through the Arrive Network."
A powerful last-mile solution, the Arrive Network combines new wireless technologies with ParkWhiz's innovative parking platform and industry-leading parking inventory footprint. Any driver using an Arrive-powered app or registered vehicle will be able to experience seamless payments and truly friction-free entry and exit at participating lots and garages.
"We partner with companies that disrupt the status quo in the real estate industry and use technology to rethink how physical assets are managed," added Courtney Cooper, Director of Corporate Development at Alate Partners. "ParkWhiz's ability to improve the parking experience while maximizing profits for real estate owners and managers is really impressive and has massive potential on a global scale."
ParkWhiz has expanded rapidly over the last two years, providing more than 40 million customers with parking reservations and drive-up, friction-free parking experiences in garages and lots in the U.S. and Canada. It powers transactional parking services for hundreds of distribution partners, including sports teams and venues, events, travel providers, airlines, hotels, automotive OEMs, and navigation systems within their own apps, websites and emails. The technology can be operated via text, voice command or embedded right into the vehicle. Drivers can also find, book, and pay for parking via the company's top-rated ParkWhiz and BestParking mobile apps and websites.
ParkWhiz is the leading transactional platform and marketplace that enables drivers, fleets and connected vehicles to find, book and pay for parking. The company offers the largest inventory of parking spaces for drivers to reserve before reaching their destinations, saving both time and money. Working with all major parking operators, it delivers transactional parking as a value-added service to major brands in sports and entertainment, travel, automotive and navigation, including Ford, Ticketmaster / Live Nation, Groupon, Madison Square Garden and many others. The company also operates two consumer-facing brands of its own—ParkWhiz and BestParking—available for Apple, Android and Amazon Alexa. ParkWhiz also powers the Arrive Network which provides friction-free access to parking lots in select markets. ParkWhiz has parked millions of vehicles and is operational in over 230 cities across North America and expanding rapidly. For more information, visit ParkWhiz.com.
About Alate Partners
Alate Partners empowers entrepreneurs who are rethinking real estate. Founded through a partnership between Dream and Relay Ventures, Alate focuses on innovative technology companies that enhance how commercial, residential, and industrial real estate is designed, built, and managed. In addition to capital, Alate provides unique access to expertise and customers through its network of influential real estate owners, operators, and managers. For more information on Alate, visit alatepartners.com.
About Chaifetz Group
Chaifetz Group is a venture capital and private equity firm specializing in high growth early and mid-stage companies. Led by entrepreneur and investor Dr. Richard A. Chaifetz and anchored by his permanent capital base, Chaifetz Group has an established track record of partnering with visionary entrepreneurs and management teams to build and grow world-class businesses. www.chaifetzgroup.com
About Purple Arch Ventures
Purple Arch Ventures is a venture capital fund for Northwestern alums investing in alum-led companies. Our goal is make venture investing more accessible for investors and to give back to the next generation of alumni entrepreneurs. We are private, for profit, and friendly with, but separate from the school. Purple Arch Ventures is a part of Alumni Ventures Group, the most active Venture Firm in the world. https://www.avgfunds.com/purple-arch-ventures/