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New Funding to Help FlashParking to Expand Business in US market

FlashParking

Raised $60 million from the L Catterton’s Growth Fund

FlashParking, the start-up from Austin, Texas has raised $60 million from the L Catterton’s Growth Fund. The company built its business by selling its parking technology to parking garage owners or managers. The company has spread out all over the USA availing services of paid parking.

Juan Rodriguez, CEO of FlashParking said with the new investment the company is planning to grow in local markets and expand its services in the new markets. The firm was founded back in 2011 has only raised around $5 million in funding to date. In the year 2012, it had raised $1.25 million in Series A and $3 million in 2016.

The primary investors that backed the company included Austin Ventures and Geekdom Fund. This did not hamper the growth of the company as it has grown 100% from its origin in seven years. The company achieved profitability two years back is now doing well.

To make mobility hubs go main-stream

The company is planning to bring mobility hubs to the mainstream market. The company wants to use parking garages to provide a wide range of services that include space for cars also. Rodriguez said, “It’s transforming the parking garage of today to what the parking garage of the future will look like. That means fewer parking garages with cars just sitting in them, and more that have electric vehicle charging stations, oil change, cleaning and other maintenance services, and deliveries to cars.

He also said Rideshare drivers could use these parking garages as staging areas to stop and use the restroom or get a snack before getting back on to the road. The company is connecting the relevant information to make these garages where partners can perform non-parking activities while using the mobility-hubs of the company.