Parkade raises $10 million

Parkade, a San Francisco-based private parking management technology platform, raised $10 million in Series A funding at a $50 million valuation. Navitas Capital, MassMutual Ventures, and 9Yards Capital led the round and were joined by existing investors CRV, Heartland, and Box Group.

Founded in 2018, Parkade’s platform and app enable parking spot renters, hosts, and buildings to connect and manage parking. The startup processed $45 million in parking payments and it has customers in 23 states and 3 other countries.

“Parking is one of the most important and under-monetized pieces of any real estate property. It’s often the largest source of revenue outside of the lease, yet it’s usually managed poorly with people and ad hoc processes. Parkade stands out as the only software solution comprehensive enough to enable properties to generate more revenue from parking, while doing less work and boosting resident satisfaction. It’s a rare win-win that makes it a must have for the industry.” – Travis Putnam, General Partner at Navitas Capital.