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Photo by Dmitry Serebryakov/TASS via Getty Images

SoftBank Group is leading a large investment in parking startup ParkJockey, largely to finance planned acquisitions of parking lot operators Impark and Lanier, Axios has learned.

The big picture: ParkJockey's ambition is to displace garage operators by selling a technology-based alternative to the garage owners, according to a pitch deck from March. It then wants to sell space access to customers like ride-hail and car rental companies.

This strategy fits nicely with other trends SoftBank is betting on, including autonomous driving, ride-hailing, on-demand delivery services, and real estate.

  • Abu Dhabi's Mubadala and a lender are joining as part of a "consortium," possibly with more investors.
  • One source pegs puts the deal total at around $800 million, including debt financing, while another says it's $1 billion total with ParkJockey CEO Ari Ojalvo maintaining control.

The companies and investors declined to comment or did not respond.

Go deeper

Updated 1 hour ago - Energy & Environment

Bomb cyclone prompts blizzard warnings from Virginia to Maine

Computer model projection showing the intense storm off of Cape Cod on Jan 29, 2022, with heavy snow and strong winds lashing the coastline. (Weatherbell.com)

Blizzard warnings are in effect for 11 million people from coastal Virginia to eastern Maine as a powerful and potentially historic winter storm is set to slam the Mid-Atlantic and Northeast beginning Friday.

Why it matters: The storm will bring an array of hazards, from zero visibility amid hurricane force wind gusts and heavy snow to coastal flooding that will erode vulnerable beaches and threaten coastal property from the Jersey shore to coastal Massachusetts.

Republican-led Pennsylvania court deems mail-in voting law unconstitutional

Workers count ballots for the 2020 Presidential election at the Philadelphia Convention Center in Philadelphia, Pennsylvania, U.S., on Nov. 3, 2020. Photo: Hannah Yoon/Bloomberg via Getty Images

A Republican-led Pennsylvania court on Friday ruled that the state's mail-in voting law is unconstitutional.

Driving the news: Three Republican judges sided with Republican challengers and ruled that no-excuse mail-in voting is prohibited under the state's constitution. Two Democrats on the panel dissented.

2 hours ago - World

China's ambassador warns Taiwan could spark "military conflict" with U.S.

Photo: Liu Jie/Xinhua via Getty Images

China's ambassador to the U.S. warned in a rare interview with NPR that if Taiwanese authorities "keep going down the road for independence," it would "most likely" lead to a "military conflict" between the U.S. and China.

Why it matters: Chinese officials rarely speak in such blunt terms, but veteran diplomat Qin Gang was unequivocal: "The Taiwan issue is the biggest tinderbox between China and the United States."