Exclusive: Parking startup AirGarage raises $23M Series B
Illustration: Aïda Amer/Axios
AirGarage, a parking facilities operating system developer, has raised $23 million in Series B funding led by Headline Growth, co-founder and CEO Jonathon Barkl exclusively tells Axios Pro.
Why it matters: There are eight parking spots for every car in the U.S., making it a highly inefficient industry.
How it works: AirGarage's platform collects and analyzes parking facilities' data to improve efficiency.
- The company operates the facilities, including payment, real-time dynamic pricing, and its own patented license plate-reading cameras.
Zoom in: Other investors in the round included Founders Fund and Fourthline Capital Management.
By the numbers: The San Francisco-based company has grown revenue 10x since its Series A funding round led by Andreessen Horowitz in 2021 and is cash flow positive.
- The company, founded in 2017, has raised $41 million.
- AirGarage manages more than 300 parking assets in 38 states.
What they're saying: "Most parking remains offline," Barkl says. "We're trying to bring some visibility to the industry. You can't optimize assets unless you have visibility."
What's next: Barkl believes the platform's data collection and analysis capabilities can help it expand into other areas of asset management — such as office space or hotels.
