CHICAGO, Dec. 19, 2012 (GLOBE NEWSWIRE) -- ParkWhiz, the Chicago company that enables users to find and reserve guaranteed parking spaces before reaching their destination, today announced that it has closed a $2 million Series A round of funding led by Hyde Park Venture Partners. Hyde Park Angels, Amicus Capital, Alexis Ohanian, Garry Tan, Henry J. Feinberg and Amreesh Modi also participated in the investment. The strategic round allows ParkWhiz to significantly expand its team and to further accelerate its rapid revenue growth and expansion into even more markets.
ParkWhiz has experienced tremendous success since emerging in 2006 and pioneering the eParking category, achieving:
- Driving over $10 million in parking revenue to parking operators since launch
- Access to over 3 million parking spaces nationwide
- Official partnerships with StubHub and TicketsNow, NFL and NCAA teams, and sports and entertainment venues
"This financing allows us to realize our next stage of growth, beginning with the hiring of 20 additional employees," said Aashish Dalal, CEO and co-founder of ParkWhiz. "The wealth of knowledge and experience of our new board members will help us aggressively deliver unique capabilities to our customers and further solidify our position as the market leader."
More than 1 million people have used ParkWhiz.com, the largest, fastest growing, online parking reservation company in the U.S. ParkWhiz allows users to compare price, location and amenities. Drivers may reserve special event parking and purchase discounted downtown parking at up to 80% off drive-up rates. The company works with over 2,000 parking lots nationwide, giving customers access to over 3 million parking spaces. ParkWhiz's national footprint has enabled them to provide parking spot inventory that far exceeds their closest competition.
Joining co-founder Aashish Dalal on the company's board will be Ira Weiss of Hyde Park Venture Partners and Henry J. Feinberg, former partner at Technology Crossover Ventures, the world's largest technology oriented Venture Capital firm. Mr. Feinberg is currently the Chairman of Maxim Revenue Management Solutions.
"ParkWhiz offers a transformational service for finding optimal automobile parking," said Henry J. Feinberg. "ParkWhiz will change how consumers and parking lot owners and operators do business similar to how Expedia changed travel, Netflix changed entertainment and Zillow changed real estate."
About ParkWhiz:
ParkWhiz is the industry leader of online parking reservations. The company's website and mobile platforms provide a fast and efficient way for drivers to find and reserve guaranteed parking spaces before reaching their destination. The company, headquartered in Chicago, was founded in 2006 by Aashish Dalal and Jon Thornton. ParkWhiz is an official partner of StubHub and TicketsNow. The company also has partnerships with professional sports teams including the Indianapolis Colts, Baltimore Ravens, US Airways Center, NCAA teams, and other sport and entertainment venues. For more information, visit ParkWhiz.com.
The ParkWhiz logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=16367
About Hyde Park Venture Partners:
Hyde Park Venture Partners (HPVP) is an early stage venture capital fund investing in new technology companies in the Midwest, with particular focus in Chicago. HPVP works in partnership with Hyde Park Angels and invests in technology-enabled business and consumer services and healthcare IT companies raising their first or second round of institutional capital, ranging in total size from $750K to $2.5M. For more information, visit HydeParkVP.com.