ParkWhiz
| Company type | Private |
|---|---|
| Industry | Digital parking solutions |
| Founded | 2006 |
| Founder | Aashish Dalal, Jon Thornton |
| Headquarters | Chicago , United States |
Area served | United States (35 states, 50 metropolitan areas) |
Key people | Yona Shtern (CEO) |
| Products | Online and mobile parking reservations |
Number of employees | 100+ (2019) |
| Website | parkwhiz |
ParkWhiz is a digital parking solution that allows customers to reserve parking spots ahead of time. The company is headquartered in Chicago, Illinois.
Origins
Established in 2006 by entrepreneurs Aashish Dalal and Jon Thornton, ParkWhiz is currently led by CEO Yona Shtern. It collaborates with approximately 4,000 parking facilities spanning over 50 major metropolitan areas across 35 states. The idea originated in 2004 when Dalal and Thornton identified the need for a streamlined system to locate and price parking during events such as baseball games. ParkWhiz’s platform enables users to secure parking online or through mobile devices prior to arrival. As of March 2019, the organization employs more than 100 individuals based in the United States, Israel, and the Philippines.
Services
Through its website and mobile applications, ParkWhiz allows motorists to search for and book daily, monthly, or event-specific parking options. Customers can evaluate different locations, pricing, and features before choosing a space and completing payment. Upon purchase, an electronic parking pass is issued for either printing or display on smartphones or tablets.
In 2013, ParkWhiz extended its monthly parking offerings from Chicago to New York City, covering roughly 200 locations. The company was responsible for managing parking logistics during the Super Bowl in 2010 and handled nearly 30% of the event’s parking traffic in 2012.
Partnerships and acquisitions
- In late 2015, ParkWhiz expanded its market presence by acquiring BestParking.
- A collaboration with Ford in 2016 integrated ParkWhiz’s services into the FordPass application.
- The acquisition of Tel Aviv-based CodiPark in 2018 introduced drive-up mobile payment capabilities.
- That same year, ParkWhiz partnered with Groupon to provide parking options through the Groupon app.
- ParkWhiz is included as a partner application within SAP Concur’s app center, offering business travelers electronic receipts for their reservations.
- It acts as the official parking provider for StubHub, supplying customers with parking choices alongside ticket purchases.
- As an official partner of Brooklyn’s Barclays Center, ParkWhiz engages in advertising and promotional activities during select New York Islanders games.
- The company also serves as the official parking app for the Boston Red Sox.
- In late 2018, a partnership with GasBuddy integrated ParkWhiz’s services into the "Pay With GasBuddy" platform.
- Additionally, ParkWhiz collaborated with TomTom in 2018 to embed parking information within TomTom’s North American navigation systems.
Financial information
Operating initially as a bootstrapped venture, ParkWhiz secured $2 million in Series A funding in December 2012, led by Hyde Park Venture Partners. Additional investors included Alexis Ohanian from Reddit, Ira Weiss, Henry J. Feinberg, and Amicus Capital. This capital injection facilitated the company’s market expansion and launch of its first iOS and Android applications. In July 2014, a $10 million Series B round led by Jump Capital provided resources to enhance the mobile platform, broaden service offerings, and increase staffing. By late 2015, ParkWhiz completed a $24 million Series C round spearheaded by Baird Capital with contributions from Beringea and Jump Capital, supporting further growth and market penetration.