Metropolis

Metropolis is a park and go app for making contactless parking fee payments, which officially made its debut in February 2021. Using its mobile app, drivers can review their parking activity and parking fees in real time. Parking fees are automatically collected as the driver exits the parking spot (with email notifications). Metropolis also offers a valet request service for offices and busy urban areas where drivers can request a car for pickup and track its arrival in real time. 

Metropolis’ edge is that it leverages a proprietary computer vision technology enhanced with AI, which tracks vehicles through license plate recognition software, allowing for automatic check-in and check-out of vehicles for parking space.   

In March 2022, Metropolis acquired Premier Parking, a parking operator who was amongst the first users of Metropolis for an undisclosed amount and adding more that 1 million customers to Metropolis

In October 2023 , Metropolis acquired SP Plus Corporation, a parking facility management service which manages two million parking spaces, for ~USD 1.5 billion.

Key customers and partnerships

As of June 2022, Metropolis had 600+ parking facilities across 60 cities in the US including Los Angeles, New York, Houston, and Austin, serving more than 1.8 million users.

Metropolis also partners with parking space owners by implementing its platform, which enables real-time parking inventory management and parking data insights. Its partners include Lincoln Property, Divcowest, and Uber Park.  

Funding and financials

Metropolis raised USD 167 million in Series B funding in June 2022 co-led by 3L Capital and Assembly Venture, to grow its employee count to 2500 by end 2022. Prior to that Metropolis raised USD 41 million in Series A funding in January 2021 led by 3L Capital.

In October 2023, Metropolis raised USD 1.7 billion in a debt and equity funding round led by Eldridge Capital and 3L Capital, to fund its acquisition of SP Plus.