Chicago-based digital parking company SpotHero has acquired Rover Parking, a Toronto-based consumer parking app. No financial terms were disclosed. SpotHero’s venture capital investors include AutoTech Ventures, Global Founders Capital, Insight Venture Partners, Macquarie Capital, OCA Ventures and Union Grove Venture Partners.
CHICAGO–(BUSINESS WIRE)–SpotHero, the digital parking leader in North America, announced today the signing of an agreement to acquire Rover Parking, a leading consumer parking app in Canada. This acquisition accelerates SpotHero’s market leadership position in North America, helping the company gain access to thousands of parking locations across Canada. The deal is expected to close in the fourth quarter of 2020.
“We’re excited to welcome Rover’s team, parking partners and customers,” said SpotHero Founder & CEO Mark Lawrence. “This acquisition will expand our team and parking inventory in Canada at a time when more people are choosing a personal car as their preferred mode of transportation.”
Rover Parking was founded in Toronto by CEO Tim Wootton, Andrew Holbrook and Grant Brigden in 2014 as a peer-to-peer parking marketplace. The company has since grown into servicing B2B and commercial facilities across several cities including Toronto, Calgary and Montreal.
“Rover Parking is thrilled to continue our journey as members of the SpotHero team,” said Rover Parking Founder and CEO Tim Wootton. “We look forward to increasing revenue for our existing parking partners and further expanding SpotHero’s presence in the commercial parking market in Canada.”
After the closing of the acquisition, Tim Wootton will become Head of Canada and the Toronto-based team will run SpotHero’s commercial supply business across the country. This announcement follows a new SpotHero partnership with one of Canada’s leading commercial parking operators Target Park, a partnership with Toronto Pearson Airport and a $50 million Series D fundraising round in August 2019.
SpotHero is the digital parking leader and the largest place to buy and sell parking in North America. Millions of drivers use SpotHero’s mobile apps and website to find, book and access off-street parking in over 7,000 locations across 300 cities. Leading mobility companies use the SpotHero developer platform to power seamless parking at scale for fleets, connected cars and urban mobility solutions. For more information, visit SpotHero.com.
Rover Parking is a leading consumer parking app in Canada with thousands of parking locations in Toronto, Calgary, Montreal and more. Rover helps all types of parking owners monetize their under-utilized parking supply by making parking spots available to drivers through the award winning Rover app. For more information, visit RoverParking.com.