SoftBank Looking to Invest $1 Billion in ParkJockey

 

It was reported recently by Axios that SoftBank will invest up to $1 billion in Miami-based parking startup, ParkJockey.

How ParkJockey May Fit With SoftBank’s Larger Vision

While not much has been officially announced about the deal yet, low-end estimates peg the investment at around $800 million while higher-end estimates state the round could be worth as much as $1 billion. The deal may fit nicely into a larger vision for SoftBank in light of the company’s huge investments in Uber and Doordash, as well as substantial investments in real-estate, and self-driving car technology.

How ParkJockey Works

ParkJockey partners with parking lot operators to reserve spots for ParkJockey customers. Customers then login to the app and reserve parking when and where they need it. Currently, the company operates in four cities, and has already secured partnerships with Hertz, The Miami Heat, The Rose Bowl, US Airways Arena, US Bank Stadium, and Ticketmaster. The latest round of funding is expected to help take the company wide, including initiatives at many airports as well as plans to acquire parking lot operators, Impark and Lanier.

ParkJockey is a Company on the Rise

ParkJockey was founded in 2013 by Umet Tekin and Ari Ojalvo after the pair identified several key inefficiencies in the paid parking system. The pair then raised a reported $1.8 million from an angel investment to develop the app and technology. While the app allows bookings and payment, the company also seems to have a larger vision in order to revolution the entire paid parking system as well. Currently, the company has also developed a Terminal Pro system, an Auto Attendant feature, and a Virtual Attendant feature which allows cars to scan decals to enter garages in the absence of an attendant.

It’s unclear at present as to when exactly the round will be officially announced.

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