LOS ANGELES--January 23, 2013: ParkMe, the world's most comprehensive database and analytics software solution for on-street and off-street parking locations and availability, today announced a new investment by Angeleno Group, a Los Angeles-based private equity firm focused on high growth energy and natural resources companies, and existing investors, Fontinalis Partners and IDG Ventures. In addition, Daniel Weiss, Managing Partner & co-founder of Angeleno Group, has joined the ParkMe board of directors.
“The backing of high caliber investors like Angeleno Group, Fontinalis and IDG speaks directly to the magnitude of the opportunity that we are trying to address”
As the leading provider of dynamic and real-time parking data, analytics and services, ParkMe will utilize the new funds to expand its international footprint and continue to grow its existing U.S. presence. Currently, ParkMe provides parking data and availability in 500 cities across the U.S. and Europe. Most recently, ParkMe released its real-time on-street parking solution for drivers in Los Angeles and Santa Monica after initially launching in Austin last year. The company plans to use the new funds to build its technology team and to foster additional business development and marketing initiatives.
"With an average of 30% of traffic in urban areas caused by drivers searching for parking, congestion poses an ever-growing frustration to millions of motorists and creates substantial economic and environmental costs," said Daniel Weiss, Managing Partner of Angeleno Group. "We are excited by ParkMe's unique, data-centric, analytical approach to parking guidance and optimization and look forward to working with the ParkMe team to bring their solution to drivers around the world."
"The backing of high caliber investors like Angeleno Group, Fontinalis and IDG speaks directly to the magnitude of the opportunity that we are trying to address," said Sam Friedman, CEO and Co-Founder of ParkMe. "For years, drivers have lacked a technology solution to make finding and paying for parking a more seamless endeavor. Through its vast partner network of parking owners and operators as well as cities, ParkMe is empowering drivers with connectivity and real-time parking information that they've been without for far too long."
ParkMe delivers accurate, real-time parking guidance to drivers through mobile and digital devices including smartphones and in-car navigation systems, bringing the parking industry online for drivers and parking owners through a novel real-time marketplace. The company's proprietary software analytics platform utilizes existing infrastructure to provide drivers with real-time parking availability, without the need for additional hardware or equipment.