Parking inventory and booking startup SpotHero announced it has raised $30 million in a series C round of funding from Insight Venture Partners, Global Founders Capital, Autotech Ventures, and others.
Founded out of Chicago in 2011, SpotHero offers an online platform that connects drivers with garages, lots, and valets across North America. The company had previously raised $27 million in equity funding and with its latest cash injection plans to accelerate its ability to “market innovative parking reservation tools and mobile technologies that make parking easy and efficient,” according to a company statement.
More specifically, the funds will be used to help SpotHero expand further across the U.S. and Canada while also doubling down on its investments in business-focused products and a new suite of mobile payment and operations apps, called “HeroTech,” that’s launching later this summer.
Today’s funding news comes just a few months after SpotHero launched its new developer platform to expand its parking inventory into third-party apps, as well as SpotHero for Business to help employees submit parking expenses to their companies directly. SpotHero also expanded into Canada via its acquisition of rival service Parking Panda.
Autotech Ventures’ involvement is also notable, as it comes less than a week after the Menlo Park-based VC firm — with a focus on connecting automotive giants with startups — closed its inaugural fund at $120 million.