Local On-Demand

SpotHero Parks $10.1M From Prior Investors To Extend Series C

Anything can be delivered on-demand, even if you can’t pick up and move that thing. Take the parking spot, as a $10M example. SpotHero announced an additional Series C investment this week, bringing its total raised to $67.6M.

On Wednesday, SpotHero filed paperwork with the SEC revealing it has raised approximately $10 million in a new round of funding.

The local on-demand model is simply a different approach to coordinating bringing resources and users together. In SpotHero’s case, they arrange parking places for people who can use the location for as little as three hours or hire it for a month at a time. The company has partnered with mapping providers, such as Waze, to integrate parking services into trip management, for which it takes 15 percent of the space fee.

Customers benefit because SpotHero increases the efficiency of parking lot businesses, allowing them to offer discounts to SpotHero users.

Here’s the thing, SpotHero has parked about 20 million cars to date. Another way to put it is: SpotHero has raised $3.35 per car parked. The question is whether parking lots will continue to provide low-cost access to the company’s customers as the firm’s value rises. Greed on parking lot owner’s part could choke the golden goose.

Source: SpotHero Parks $10.1M From Prior Investors To Extend Series C

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