ParkWhiz

ParkWhiz is an e-parking service that allows users to book parking spaces before reaching their destinations. ParkWhiz is headquartered in Chicago, Illinois.

ParkWhiz
TypePrivate
IndustryE-parking
Founded2006 (2006)
FoundersAashish Dalal, Jon Thornton
Headquarters
Chicago, Illinois
Number of locations
Chicago
New York City
Boston
Indianapolis
Area served
United States
Key people
Yona Shtern (CEO)
ProductsWeb and mobile e-parking applications
Number of employees
100[1]
Websitewww.parkwhiz.com

Origins

ParkWhiz was founded in 2006 by Aashish Dalal and Jon Thornton.[2][3] The company CEO is Yona Shtern. ParkWhiz works with 4,000 parking facilities in over 50 major cities and 35 states.[4] Founders Dalal and Thornton conceived of the ParkWhiz concept in 2004 after becoming frustrated with the problem of locating parking during baseball games.[5] While parking spaces were available at various parking facilities, there was no organized system for determining their location or their price.[5] The ParkWhiz service allows users to locate and purchase parking spaces online and on mobile devices before reaching their destinations.[3] As of March 2019 ParkWhiz employs over 100 people in the United States, Israel and the Philippines.[1]

Services

ParkWhiz allows drivers to locate and purchase daily, monthly, and event parking through its web and mobile applications.[6] Users of the ParkWhiz service are able to compare prices, locations, and amenities.[7] After drivers select a spot and process their payment, they are given an electronic parking pass that can be printed or presented on a smartphone or tablet.[3][8]

In 2013, as part of its first growth beyond Chicago, ParkWhiz expanded its monthly parking feature to New York City,[2][9] offering approximately 200 locations.[2][9]

The company organized parking for the Super Bowl in 2010 and parked an estimated 30% of Super Bowl traffic in 2012.[4][10]

Partnerships and acquisitions
  • In late 2015, ParkWhiz acquired BestParking.[11]
  • A partnership with Ford was announced at the Detroit Auto Show in 2016, where a range of ParkWhiz services including smart parking would be integrated into the FordPass app.[12]
  • In 2018, ParkWhiz acquired CodiPark, a Tel Aviv-based company, to add drive up mobile payments to its platform.[13]
  • Also in 2018, ParkWhiz paired with Groupon to offer ParkWhiz's services through the Groupon app.[14]
  • ParkWhiz is a partner app in Concur's app center, allowing Concur users and business travelers to mail e-receipts from ParkWhiz bookings.[15]
  • ParkWhiz is the official parking provider for StubHub. Customers who buy tickets on StubHub are offered parking through ParkWhiz.[16][17]
  • ParkWhiz is an official partner of Barclays Center in Brooklyn, NY, with dasherboard ads and in-game promotions running during select New York Islanders hockey games.[18]
  • ParkWhiz is the official parking app of the Boston Red Sox.[19]
  • In late 2018, ParkWhiz began a partnership with GasBuddy on their app, connected to their "Pay With Gasbuddy" service.[20][21]

Financial information

The company was a bootstrapped venture until December 2012 when it raised $2 million in Series A funding led by Hyde Park Venture Partners.[2][3] Other investors in the round included: Alexis Ohanian of Reddit, Ira Weiss, Henry J. Feinberg, and Amicus Capital.[22] ParkWhiz reported that the funding was used to broaden the company's reach and prepare for its first iOS and Android app releases.[3][4][7] In July 2014, ParkWhiz raised $10 million in a Series B round of funding led by venture fund Jump Capital. The Series B round has allowed ParkWhiz to improve its mobile experience, expand its offerings and hire additional employees.[23] At the End of 2015, ParkWhiz raised $24 million in a Series C round of funding led by Baird Capital with participation by growth capital investor Beringea and existing investor Jump Capital.[11]

References
  1. Davis, Katharine (7 January 2019). "ParkWhiz Rebrands as it Grows its B2B Service". ChicagoInno.
  2. Wong, Wailin (12 June 2013). "ParkWhiz adds monthly parking in N.Y. to its booking menu". Chicago Tribune. Retrieved 6 October 2013.
  3. Grant, Rebecca (19 December 2012). "Cut down on parking rage with ParkWhiz, reserve spots in advance". VentureBeat. Retrieved 6 October 2013.
  4. Chowdhry, Amit (31 July 2013). "How ParkWhiz Is Changing The Parking Industry". Forbes. Retrieved 6 October 2013.
  5. Petruccelli, Justin (27 March 2008). "Lots of Opportunities ParkWhiz puts a new spin on an old industry". Entrepreneur. Retrieved 6 October 2013.
  6. Wasserman, Todd (12 June 2013). "This App Will Let New Yorkers Find a Parking Spot". Mashable. Retrieved 6 October 2013.
  7. Roa, Leena (19 December 2012). "The OpenTable For Parking Spots, ParkWhiz Raises $2M". TechCrunch. Retrieved 6 October 2013.
  8. Alseyer, Jennifer (2013). "Review: Digital Parking Tools". Inc. Retrieved 6 October 2013.
  9. "Need a parking spot? ParkWhiz wants to book it". Crain's New York Business. 30 August 2013. Retrieved 6 October 2013.
  10. Ann Dwyer. "How ParkWhiz is using the Super Bowl to build its business". Chicago Business. Retrieved 6 October 2013.
  11. Elahi, Amina (26 January 2016). "ParkWhiz raises $24 million, acquires BestParking". Chicago Tribune. Retrieved 26 January 2016.
  12. White, Joseph (11 January 2016). "Ford to launch new customer relations and service model". Reuters. Retrieved 26 January 2016.
  13. Dallke, Jim (1 June 2018). "ParkWhiz buys Tel-Aviv parking startup, launches new payment feature". Chicago Inno. bizjournals.com.
  14. "Groupon (GRPN) Partners ParkWhiz to Offer Convenient Parking". NASDAQ.com (Press release). Zacks Equity Research. 24 January 2018.
  15. "ParkWhiz - Concur App Center" (Press release). Concur. 26 January 2016. Retrieved 26 January 2016.
  16. Elahi, Amina (5 January 2015). "ParkWhiz, StubHub team up to ease parking pains at events, concerts". Chicago Tribune. Retrieved 26 January 2016.
  17. "StubHub Partners With Chicago's ParkWhiz to Expand its Parking Offering". ChicagoInno. 18 December 2014. Retrieved 26 January 2016.
  18. "Barclays Center :: Parking" (Press release). Barclays Center. Retrieved 26 January 2016.
  19. "Parkwhiz Named 'Official Parking App' Of Boston Red Sox". www.prnewswire.com (Press release).
  20. https://www.prnewswire.com/news-releases/gasbuddy-partners-with-parkwhizs-arrive-network-300756582.html
  21. https://www.cspdailynews.com/technologyservices/gasbuddy-launches-parking-tool
  22. Wasserman, Todd (19 December 2012). "Reddit Founder Backs Parking Reservation System ParkWhiz". Mashable. Retrieved 6 October 2013.
  23. Hendershot, Steve (21 July 2014). "ParkWhiz pulls in $10 million in new funding". Crain's Chicago Business. Retrieved 20 March 2014.
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