Uber Technologies Inc. is reportedly in discussions to acquire the parking technology company SpotHero Inc., according to a report from The Information. The valuation for SpotHero reached $290 million following a $50 million Series D funding round that concluded in 2019. The startup, headquartered in Chicago, operates a platform allowing users to reserve parking in over 400 North American cities.
Since its inception in 2011, SpotHero has facilitated parking for more than 100 million vehicles, providing options for hourly, daily, or monthly reservations. Their service offers a money-back guarantee for customers unable to access their reserved spaces. SpotHero also supports businesses through its enterprise service, SpotHero for Business, which allows companies to manage parking for employees.
If the acquisition goes through, it could enhance Uber's ability to assist drivers in locating parking more effectively, potentially improving the experience for ride-hailing users. Additionally, integrating SpotHero's services could benefit Uber's ambitions in the autonomous vehicle sector, particularly in relation to its goal of deploying 20,000 self-driving taxis.