ParkHub Announces $13 Million Series B Funding Led by Arrowroot Capital
The investment will allow the Dallas-based parking technology provider to drive sales and marketing growth and accelerate product development.
DALLAS, TX / ACCESSWIRE / February 19, 2019 / ParkHub, the leading B2B parking technology provider, has announced it has completed its Series B financing.
Led by Santa Monica-based Arrowroot Capital, a leading growth equity firm specializing in B2B software, the investment will enable ParkHub to further establish market leadership and continue development of its growing suite of software solutions for a wide array of event-based facilities and beyond. The funding is the first institutional capital for the company, validating the vision supported by Jerry Jones, Bruce Williams and Van Taylor, among ParkHub’s angel investors. As part of the transaction, Kareem El Sawy, Partner at Arrowroot Capital, will be joining the board.
“We are thrilled to have gained Arrowroot’s investment and support,” said George Baker Sr., Founder and CEO of ParkHub. “Over the past few years, our team has worked tirelessly to attract major accounts, form strategic partnerships, and refine our product offering while maturing as a service provider and company. This partnership will undoubtedly accelerate our growth, and we feel privileged to work closely with Arrowroot’s team of software experts.”
“ParkHub has positioned itself squarely within the broader mobility movement, seeing an attractive opportunity to build a platform that connects across transportation, commerce, asset management, and smart cities in general,” said Kareem El Sawy, Partner at Arrowroot Capital. “We are excited to partner with George and his team to scale their offerings and services in this evolving sector.”
ParkHub’s subscription-based solutions help parking professionals improve customer experience and drive revenue with streamlined operations and real-time insight. The company’s customers include premier professional sports teams and entertainment clients and the technology integrates with major parking and ticketing providers, such as SpotHero, Parkmobile, ParkWhiz, Ticketmaster, and Tickets.com. The product suite includes Prime, a mobile point-of-sale solution; Portal, a business intelligence system; Pulse, a multi-directional occupancy sensor; and ParkHub.io, a parking inventory and data distribution system.
Over the past year, ParkHub has made significant strides increasing its foothold and has more than doubled its client base. The company executed a multi-year agreement with Live Nation, expanded on a growing list of venue and university partners, and began to penetrate the State and National Park verticals. In January 2019, ParkHub acquired the mobile point-of-sale division of SpotHero and formed a long-term partnership designed to improve the overall consumer parking experience.
ParkHub manages over 1 million parking spots and has parked and digitally transcribed over 18 million vehicles to date.
For more information, visit www.parkhub.com/landingpage/join-our-journey.
ParkHub was represented by Glenn Singleton at Foley & Lardner, LLP and Arrowroot Capital was represented by Cooley LLP.
ParkHub is a Dallas-based technology company that provides software and hardware services for the global parking industry. The company’s products provide multiple payment options, real-time reporting of parking revenue, support for dynamic pricing, and inventory availability and control. ParkHub technology integrates with many prepaid parking and ticketing providers. Founded by parking industry veteran, George Baker Sr., ParkHub has effectively fast-tracked traditional parking operations into the digital age. For more information, visit www.parkhub.com.
About Arrowroot Capital
Arrowroot Capital is a global growth equity firm based in Santa Monica, CA, focused on minority, majority, and buyout investments in B2B software companies. The firm serves as a catalyst for growth-related initiatives by partnering with management and leveraging its deep enterprise software expertise to deliver meaningful, tangible value. Arrowroot targets initial equity investments in the range of $5 million to $25 million and has the flexibility to pursue larger opportunities as well as a broad range of transaction types. Arrowroot also targets add-on acquisitions for its portfolio companies with a wider range of size and general criteria. Learn more at http://www.arrowrootcapital.com.
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