The company, which has developed a technology that enables users to find and reserve guaranteed parking spaces before reaching their destination, also received commitments from Amicus Capital as well as individual investors Alexis Ohanian, Garry Tan, Henry Feinberg and Amreesh Modi.
The strategic round allows ParkWhiz to significantly expand its team and to further accelerate its rapid revenue growth and expansion into even more markets.
Launched in 2006, ParkWhiz has now developed a three million-strong parking space network and has driven more than $10m in revenue to parking operators.
“This financing allows us to realize our next stage of growth, beginning with the hiring of 20 additional employees,” said Aashish Dalal, CEO and co-founder of ParkWhiz.
“The wealth of knowledge and experience of our new board members will help us aggressively deliver unique capabilities to our customers and further solidify our position as the market leader.”
According to a statement, more than one million people have used ParkWhiz.com since its inception.
Joining co-founder Aashish Dalal on the company’s board will be Ira Weiss of Hyde Park Venture Partners and Feinberg, former partner at Technology Crossover Ventures.
Feinberg, who is currently chairman of Maxim Revenue Management Solutions, said, ‘ParkWhiz offers a transformational service for finding optimal automobile parking.
“ParkWhiz will change how consumers and parking lot owners and operators do business similar to how Expedia changed travel, Netflix changed entertainment and Zillow changed real estate.”
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