L Catterton, the largest and most global consumer-focused private equity firm, has invested $60 million in US-based parking technology firm FlashParking, according to an announcement.
Headquartered in Texas, FlashParking said the investment from L Catterton will be used to scale its extensible, cloud-based parking system, which allows parking garage owners or managers to go mobile and further profit from their property.
FlashParking, launched in 2011 by Juan Rodriguez as the industry’s first cloud-born parking technology, said it is perfecting the parking experience with real-time data visibility and actionable intelligence, including supply data and dynamic pricing, to diversify revenue and deliver a frictionless experience.
Its operating system allows real estate owners, parking operators, and cities to tackle complex mobility issues such as congestion, lack of visibility into supply and demand, and fragmented consumer experiences.
L Catterton’s investment comes as the mobility industry is facing a paradigm shift that is moving the conversation towards systems that can support mobility services rather than the typical “to and from” mobility technologies.
“With this funding from L Catterton, we’ll be able to quickly scale our mobility hub operating system and become the only company that can turn customers’ parking assets into facilities that enable every facet of mobility, including mobile-enabled parking and valet, staging for TNCs, charging for electric vehicles, cleaning and servicing, drone launching and landing, and points for delivering,” Rodriguez said.
The firm claims that its platform controls 30,000 parking spaces via 230 lanes across 34 facilities while simplifying parking, reducing congestion, improving traffic flow, and enhancing the experience for the more than 10 million patients, visitors, staff, and students who visit Texas Medical Center annually.
The latest funding brings FlashParking’s total funds raised to date to US$64.3 million over three rounds. The company first raised US$1.3 million in its Series A in September and another US3 million in its venture round in 2016.
L Catterton expressed confidence that FlashParking will be able to continue its growth and provide better parking solutions via its platform.
“FlashParking is a best-in-class parking solutions provider with proven technology and an industry-first cloud-based software solution,” said Michael Farello, Managing Partner of L Catterton Growth Fund.
