Deals

Parking startup Streetline zooms off with $25M in its engine

DSC_0009 Streetline has raised $25 million in financing for its smart-parking service.

Streetline’s system combines mobile technology with the “Internet of things” to streamline the process of finding a parking spot. It works with cities, garages, airports, universities, and other private parking providers to place ultralow power wireless sensors in parking spaces. This creates a system, updated in real time, of available places to park. This data is connected to the mobile apps, which drivers can use to navigate to an open spot. Streetline is in 30 locations in the U.S. and Europe and contains garage data for over 23,000 locations.

The “Internet of things” and connected cars are a hot space right now. A fleet of companies are attempting to solve the frustration that is urban parking. ParkWhiz, ParkingPanda, SpotHero, KurbKarma, and ParqPlace have all raised capital, but this is the largest round of funding this deal reporter has seen from a parking startup.

This third round of investment, led by True Ventures, also included new investors Citi and Qualcomm Ventures. Sutter Hill Ventures, RockPort Capital Partners, and Fontinalis Partners made follow-on investments. This brings Streetline’s total capital raised to over $40 million, not including a $25 million credit facility taken from Citi last year.

Streetline is based in Foster City, Calif. Read the press release.