If you’ve ever been to a large sporting event, you’ve likely run across intrepid homeowners who open up their yards and spare parking spots to earn some extra cash. Parking Panda has taken that idea to the next level by creating a community marketplace for spare parking spots.
Think of it like Airbnb, the service that lets you rent out spare rooms to travelers in your home, for parking.
Parking Panda is a win-win for both parking spot owners, who can earn extra cash with very little effort, and those looking for parking, who will likely end up spending far less than they would in a big lot.
The company was a part of NYC’s Entrepreneur Roundtable Accelerator’s first class, which presented on stage during ERA’s demo day today. Parking Panda was originally founded in Baltimore, but it has since moved to ERA’s Times Square office.
Using the service is simple: Parking spot owners need only sign up for an account, take a photo and create a description of their available spot, then mark down the dates and price. Those looking for a spot can find and pay for one via the Parking Panda website, which also sports a mobile optimized interface. Once a spot is rented, the owner will eventually get a check (minus Parking Panda’s 20 percent commission) in the mail.
The company says that last year, $20 billion was spent on parking in the US alone (plus $10 billion internationally). Clearly there’s plenty of potential for a parking marketplace. Parking Panda launched two weeks ago in Baltimore, where it facilitated parking for 117 cars. The company plans to expand to Washington D.C., Boston and Philadelphia soon.
Parking Panda was founded by Nick Miller (CEO), who previously worked in product management at LivingSocial, and Adam Zilberbaum (CTO), formerly lead engineer at GAAP software. The company is seeking a $750,000 seed investment.
Image via Parking Fail