Parking Management Giant Raises $60 Million Funding

Parking Management (1)

Austin based parking management software developer and service provider, FlashParking, has announced a new funding of worth $60 million for the expansion of its services and products. L Catterton, a private equity investment firm helped the company to have new funding. Also, the financial advisory to the company has been served by an American multinational investment bank named BofA Securities.

The software provided by the FlashParking enables the parking space providers to maintain variable pricing option and real-time data.

Juan Rodriguez, the Co-founder and Chief Executive Officer of FlashParking, is considering the software and services of the company as the cornerstone to maintain the new kind of hubs that hold several type of transportation modes and autonomous vehicles. He assumes that the management, monitoring and payment software can be upgraded beyond app-enabled parking and other services to vehicle servicing and cleaning, maintenance, launch and landing of drone, electric vehicle charging, and hubs for ride-hailing services.

Juan states, “This unique platform has allowed us to configure an operating system that’s not only the best solution for parking infrastructure today but also a model that’s ready for tomorrow.” He added, “We have a ton of information and we’re connected to all of our customers and we’ll be creating all of these credentials so these partners can conduct other non-parking related activities inside the mobility hub.”

The CEO has also disclosed the statistics of its customers. According to him, FlashParking is currently managing as much as 30,000 parking spaces across 34 facilities in the Texas Medical Center alone. Beside this, the company is having 6 million customers who are already using its pay for parking services on monthly basis. As per the company’s records and statement, FlashParking is generating worth about $1 billion in transaction revenue.

FlashParking has raised not more than $5 million since it was founded in 2011. It had raised $1.25 million in Series A funding in 2012 and $3 million in 2016 from Geekdom fund and Austin Ventures.