ParkMe todayannounced that it has raised a new round of investment from LA based private equity firm Angeleno Group in a move that will fuel its expansion.
ParkeMe is a comprehensive database and analytics software solution for on-street and off-street parking locations and availability and is a leading provider of dynamic and real-time parking data, analytics and services.
Expand Its International Footprint
The firm says it will use the new funds to expand its international footprint and continue to grow its existing U.S. presence. ParkMe is now available in 500 cities across the U.S. and Europe and recently released its real-time on-street parking solution for drivers in Los Angeles and Santa Monica and Austin.
According to Daniel Weiss, Managing Partner of Angeleno Group, there is an average of 30 percent traffic in urban areas caused by drivers searching for parking, congestion poses an ever-growing frustration to millions of motorists and creates substantial economic and environmental costs, therefore ParkMe is that solution.
Weiss says, “We are excited by ParkMe’s unique, data-centric, analytical approach to parking guidance and optimization and look forward to working with the ParkMe team to bring their solution to drivers around the world.”
Problems ParkMe Solves
According to Sam Friedman, CEO and Co-Founder of ParkMe, the funding will be put to great use.
Friedman says,“The backing of high caliber investors like Angeleno Group, Fontinalis and IDG speaks directly to the magnitude of the opportunity that we are trying to address,” and added, “For years, drivers have lacked a technology solution to make finding and paying for parking a more seamless endeavor. Through its vast partner network of parking owners and operators as well as cities.”
However, ParkMe empowers drivers with connectivity and real-time parking information that has been lacking for years to solve the parking problems in cities.
Build a Technology Team
Apart from expanding, ParkMe will use the new funds to build a technology team, add more business development activities and marketing initiatives.
Based in Santa Monica, Califonia and a leading provider of street parking information to navigation companies and smartphones. ParkMe was founded by Sam Friedman and Alex Israel and still collects and aggregates both on-street and off-street parking data and has built the world’s most comprehensive parking database and analytics software used in over 25,000 worldwide locations in more than 500 cities serving over 235 million drivers in 19 countries and three continents.
Daniel Weiss Joins Board
Apart from the new investment from the Angeleno Group, a fund focused on high growth energy and natural resources companies, Daniel Weiss, Managing Partner & co-founder of Angeleno Group will be part of the ParkMe board of directors. Angeleno Group was founded in 2001 and has become one of the largest dedicated energy growth equity investment firms, making investments on a global basis with investment professionals operating in the U.S., Asia and Australia.
Existing investors, Fontinalis Partners and IDG Ventures were also part of the funding round.