Finding a parking space in downtown Austin is an increasingly difficult task that FlashParking seeks to solve.
And the Austin-based company landed $60 million in strategic investment from the Growth Fund of L Catterton, a private equity firm.
FlashParking plans to use the funds to scale its parking solution into connected mobility hubs.
Founded in 2011, FlashParking previously raised $4.3 million.
FlashParking provides parking lot owners with real-time data so they can raise or lower parking prices depending on demand.
“FlashParking is a best-in-class parking solutions provider with proven technology and an industry-first cloud-based software solution,” Michael Farello, Managing Partner, L Catterton Growth Fund, said in a news release. “We are pleased to partner with the FlashParking leadership team to accelerate the Company’s growth and facilitate the delivery of mobility services to consumers and businesses.”
In the coming months, FlashParking plans to announce new partnerships with transportation, logistics, and mobility companies that are leveraging its platform.
“Over the last nine years, we have built the FlashParking platform with quality and adaptability in mind by making it cloud-based, mobile-first, and future-ready. This unique platform has allowed us to configure an operating system that’s not only the best solution for parking infrastructure today but also a model that’s ready for tomorrow,” Juan Rodriguez, co-founder of FlashParking, said in a news release. “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.”
FlashParking already has a partnership with Texas Medical Center (TMC), the world’s largest medical city. Its mobility 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 TMC annually.
In addition to TMC, FlashParking serves more than 6 million parkers per month and processes $1 billion in transactions at more than 1,300 locations worldwide.
L Catterton current and past investments include ClassPass, Artsy, Vroom, Get Your Guide, and Enjoy.
