SpotHero

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Park & Go app
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SpotHero is a Chicago-based parking reservation service where drivers can locate, reserve, and pay for short-term and long-term parking in lots and private garages located in cities, airports, stadiums, and other event spaces. As of March 2022, SpotHero had a network of 7,500 garages providing parking options for more than 20 million drivers in 45+ cities across 300 locations in the US and Canada.

SpotHero’s competitive advantage over other parking reservation apps is its flexible software, which has enabled it to secure more than 900 distribution partnerships and integrations. This makes it compatible with close to 40 different points of sales (POS) systems, including Apple Pay and Google Pay; expense tracking software, such as Concur, Chrome River, and Expensify; and other integrations with several mobility operators including Waze, Car2go, and Moovit.

In January 2020, SpotHero launched Spot IQ, an AI-powered tool that claims to offer the most extensive real-time parking demand data in North America, which allows operators to set market-driven dynamic pricing. The firm claims that its operators have experienced an average revenue increase of over 40%, while being able to leverage its relationships with operators to provide discounted pricing, which it can pass on to drivers. In 2020, in response to the Covid-19 pandemic, the firm also enhanced its contactless payment option to include contactless redemption.

SpotHero has made three acquisitions, the most recent being in September 2020, when it acquired Rover Parking to drive its expansion to the Canadian market.

Key customers and partnerships

In November 2022, the company partnered with Lyft, a mobility solution provider, to help its users find a parking spot. SpotHero partnered with Apple Maps, to introduce a new parking option in 8,000+ locations across North America (January 2023), and with Google to integrate parking reservation services into Google Maps and Google Search for users in North America (October 2024).

HQ location:
125 S Clark St. Chicago IL USA
Founded year:
2011
Employees:
101-250
IPO status:
Private
Total funding:
USD 117.6 mn
Last Funding:
USD 50.0 mn (Series D; Aug 2019)
Last valuation:
-
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