In this News, ParkJockey, An innovative solution to parking hassles, receives funding from Softbank investment. ParkJockey has already started planning using that capital to scale up for the near future. Along with this significant achievement, ParkJockey announced that it would be acquiring two of the largest parking operators in North America.
The startup said it has already reached an agreement to acquire Imperial Parking Corporation, a North American-based parking management business referred as Impark. The deal follows ParkJockey’s acquisition of parking management operator Citizens Parking Inc.
“We are excited to join forces with ParkJockey,” said James E. Hyman, CEO of Citizens Parking. According to a report by the Miami Herald, This investment has raised the valuation of parkjockey to more than USD 1 billion. ParkJockey has developed a parking management platform that helps commercial property owners monetize their parking lots with a smarter digital solution. The company offers features like automatic license plate recognition and pay-by-app and so many more.
This company’s app also can be used by drivers to find parking spaces more efficiently. Financial terms of the SoftBank investment or the acquisitions are not disclosed. The company has more than 100 employees across multiple cities. It plans to hire more workers, including in Miami, to fuel its growth. The next market it expects to grow is in Atlanta, ParkJockey will continue to expand its Miami headquarters for the foreseeable future. Thus, Miami residents will soon be experiencing the transition from traditional to smart parking.
This investment is a safe bet on a digital future from present-day parking management. They can cater to the needs of the future like electric vehicle charging, designated areas for ride-hailing and automatic pay. All the investment and acquisitions make ParkJockey one of the most valuable parking companies in the world. In this news, parkjockey has given inspiration to other entrepreneurs as it grew in a city like Miami where success for new players is a rare commodity. On-Demand Apps like the parkjockey promise a bright future for the market.
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