Beringea invests $4 million in on-demand parking app Parkwhiz
January 26th 2016
The capital will be used to accelerate growth nationwide and acquire competitor
(Farmington Hills, MI) Beringea, a private equity firm providing growth capital to market-leading businesses, announces a $4 million investment in ParkWhiz, the nation’s largest on-demand parking app. The capital will be used to accelerate growth nationwide and acquire competitor BestParking, making it the number one booking platform and richest repository of parking data in North America. ParkWhiz has parking operations in 150 cities, including integration with numerous parking lot operators across the state of Michigan. A pioneer in the advance of on-demand parking, the company recently announced a partnership with Ford Motor Company as part of the automaker’s strategy to lead the “connected car” revolution. Beringea was joined in the funding round by Baird Capital and existing ParkWhiz investor Jump Capital.
“ParkWhiz helps drivers seamlessly get to their destination and book a guaranteed spot wherever they need to be,” said Aashish Dalal, ParkWhiz co-founder and CEO. “With our funding and the acquisition of BestParking, we’ve never been in a better position to bring a frictionless experience to our customers.” Over the coming months, ParkWhiz plans to focus on expanding brand awareness and customer reach by connecting with more drivers and parking operators. In addition, the team is continually advancing its cutting edge technology platform, which creates a superior parking experience.
Beringea principal Mark Donnelly commented: “We are encouraged by the potential for mobile technology to disrupt the parking industry, and the company’s foothold in this growing market made it a compelling opportunity. Furthermore, ParkWhiz is establishing valuable partnerships, like that with Ford, that could lead to its app becoming an integral part of the “connected car” of the future.”