Nov 3, 2020 - Economy & Business

Parking lot services company REEF Technology raises $700 million

illustration of cars parked with a dollar sign in an empty space

Illustration: Rebecca Zisser/Axios

REEF Technology, a Miami-based provider of parking lot tech and services, raised $700 million from SoftBank, Mubadala, Oaktree Capital, UBS Asset Management and Target Global.

Why it matters: Urban parking lots and garages are undergoing rapid transformation, even sometimes serving as COVID-19 testing sites, and that's only expected to accelerate as automakers develop autonomous fleets.

  • More: REEF also formed a $300 million fund to acquire strategic real estate assets, in partnership with Oaktree.

The bottom line: "REEF began its life as ParkJockey, providing hardware, software and management services for parking lots ... While it still manages parking lots, it now it adds infrastructure for cloud kitchens, healthcare clinics, logistics and last-mile delivery, and even old school brick-and-mortar retail and experiential consumer spaces on top of those now-empty parking structures and spaces," writes Jonathan Shieber of TechCrunch.

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