Cloud-based parking management solutions provider PassportParking gathered $6 million for its Series A round. Grotech Ventures and Relevance Capital both led the financing, which was also participated in by a group of angel investors.
By providing advanced technology and equipment in an enterprise suite, PassportParking enables providers and owners to effectively and efficiently manage their parking and enforcement operations. Grotech Ventures, with over $1.3 billion under management, looks for opportunities in innovative and early-stage IT firms. Relevance Capital, meanwhile, provides early stage or Series A funding to companies in cloud-based software, healthcare enablement and advanced technologies.
Through its flagship mobile payment solution, Passport gives municipalities, private parking operators and universities with a cloud-based platform that enables them to simplify the process of parking management. As a result, clients get revenue gains. In a statement, the company said proceeds from the round will be utilized to scale its sales, marketing and engineering efforts so that the Passport can meet the increasing worldwide demand for its product. PassportParking is already used in more than 35 states and has obtained a significant market share in the US. It is also used in Spain and Australia.
The only provider in the industry to give private label support, the clients of Passport retain control of their own branding and imaging, which leads to enhanced customer experience. As far as consumers go, the mobile payment system of Passport enables them to pay for their parking using their mobile phones as well as get parking discounts from retailers close by.
Passport Co-Founder Bob Youakim said in the statement, "The industry lacked tools for operators to make informed decisions, forcing providers into reactionary mode. This ultimately trickled down to frustrated parkers. We've created a compelling solution with the most complete, data-driven software system on the market. Grotech and Relevance are committed to our vision and bring an outstanding network of resources to help us accelerate and support our growth."
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