Parking is big business these days, and a huge investment in one growing parking firm proves it.
Japan based investor SoftBank has invested an undisclosed amount in the parking startup ParkJockey, according to Axios. The investment puts ParkJockey in the $1 billion valuation range. It’s a rare accomplishment for startups to jump to “unicorn” status, as ParkJockey has.
ParkJockey sells a tech based parking monetizing platform to owners of parking garages. It also manages parking at stadiums and events, and sells space access to car rental companies and ride hailing companies like Lyft and Uber. It was launched in 2013 by Ari Ojalvo and Umut Tekin.
Softbank is trying to broaden its holdings in auto related companies. It wants to position itself to have holdings in autonomous automobiles and ride hailing services.
ParkJockey is doing it’s own acquisition moves as well. The Miami Herald reported that the Miami based startup is acquiring Impark and Citizens Parking, two of the top parking lot operators in the U.S. Abu-Dhabi based Mubadala Capital is joining the purchase, with debt financing from Owl Rock.