SpotHero

Mobile app for booking parking spots

Chicago, Illinois, United States

About SpotHero

SpotHero simplifies the parking experience for drivers in the United States by providing a technology-driven platform for finding and booking parking spots. Users can access the service through a mobile app or website, where they can compare and reserve parking options in advance, ranging from hourly to monthly parking. SpotHero partners with various parking facilities to offer a wide selection of choices, including secure long-term airport parking. A key feature of the platform is its touchless payment system, allowing users to enter and exit parking areas without physical contact, which enhances safety and convenience. Unlike many competitors, SpotHero operates on a commission-based revenue model, earning money only when a booking is completed, which aligns its interests with those of users and parking partners. The company's goal is to make parking easier and more efficient, addressing common challenges faced by urban drivers.

Chicago, IllinoisHeadquarters
2011Year Founded
$114.4MTotal Funding
SERIES_DCompany Stage
Automotive & Transportation, Consumer SoftwareIndustries
201-500Employees

Benefits

Health Insurance
Dental Insurance
Vision Insurance
Life Insurance
401(k) Company Match
Unlimited Paid Time Off
Professional Development Budget
Flexible Work Hours

Risks

Increased competition from Google Maps may reduce direct traffic to SpotHero's platform.
Integration challenges from acquiring Parking Panda could disrupt operations if not managed well.
Reliance on venue partnerships poses risks if these are not renewed or competitors secure deals.

Differentiation

SpotHero is the only independent consumer marketplace for parking in North America.
The platform offers touchless payment options, enhancing safety and convenience for users.
SpotHero's partnerships with major venues provide tailored parking solutions for event-goers.

Upsides

Integration with EV charging stations attracts eco-conscious drivers to SpotHero's platform.
Partnerships with venues like Madison Square Garden capitalize on high-demand event periods.
Expanding monthly parking subscriptions offers a steady revenue stream for urban dwellers.