Austin firm FlashParking, a provider of technology solutions to parking garages, announced today that it has received a $60 million investment from L Catterton, a Connecticut private equity firm.
In a press release, FlashParking explained that it would use the private equity investment to scale its cloud-based parking system, which provides real-time data visibility, including supply data and dynamic pricing.
Launched in 2011, FlashParking has about 150 employees in Austin.
Co-founder of FlashParking Juan Rodriguez said, “With this funding from L Catterton, we’ll be able to quickly scale our mobility hub operating system and become the only company that can turn customers’ parking assets into facilities that enable every facet of mobility, including mobile-enabled parking and valet, staging for TNCs, charging for electric vehicles, cleaning and servicing, drone launching and landing, and points for delivering.”
Michael Farello, Managing Partner at L Catterton Growth Fund said, “We are pleased to partner with the FlashParking leadership team to accelerate the Company’s growth and facilitate the delivery of mobility services to consumers and businesses.”
The press release also notes that FlashParking intends soon to announce new partnerships with transportation, logistics, and mobility companies that are leveraging its platform.
The company cites its partnership with Texas Medical Center (TMC) as evidence for the kind of transformation it can make. TMC manages 30,000 parking spaces on behalf of TMC and says that its technology has simplified parking, reduced congestion, improved traffic flow, and improved the parking experience of 10 million patients, staff and visitors annually.
Bank of America Securities served as financial advisor to FlashParking for this investment. The investor, L Catterton, based in Connecticut with 17 offices globally, has $20 billion of equity capital under management.
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