AirGarage

AirGarage, a full-stack parking management platform, has gone through several iterations since its founding. AirGarage began as a parking marketplace for homeowners to rent out their driveways as parking spaces for college students. This then evolved into a full-stack parking service aimed at parking space owners including churches and small businesses. In May 2020, amidst the COVID-19 pandemic, the firm once more shifted its focus toward parking real estate in urban areas. In its current form, AirGarage works with real estate owners, providing a full stack of parking management solutions with a 70:30 split in revenue share in the owner’s favor.

AirGarage’s competitive edge is that it offers a complete suite of services relating to parking management, including online listings, advertising, enforcement, and payment processing. AirGarage automates the parking enforcement process using automated license plate recognition (ALPR) cameras capable of reading license plate numbers as well as through a network of parking attendants. The firm also leverages data collected from parking sites to provide real-time analytics, demand predictions, and dynamic pricing.

AirGarage also offers a free-to-use B2C parking discovery and reservation platform via its website and mobile app.

The firm claimed that its platform can increase net operating income by up to 50% for parking owners. It also claimed that it experienced a 12% YoY growth in 2020 and fewer than five cancellations by its users.

Key customers and partnerships

As of October 2021, AirGarage operated in 150+ locations across 30 states in the US and Canada. Its users include hotels (Marriott, Hilton), car share fleets (Kyte), and filming locations (Universal).

Funding and financials

AirGarage raised USD 12.5 million in Series A funding in October 2021 led by a16Z. The firm planned to utilize the funds to introduce a new platform and services to allow users to generate revenue from parking for food trucks and cloud kitchens. In addition, the funding was to be used to develop new features such as cameras for automatically reading license plate numbers.