'All those valet companies they wanted to back have blown up and the bubble has been proven wrong.'
This story requires our BI Prime membership. To read the full article,SpotHero CEO Mark Lawrence claims that the company's struggles to raise from Silicon Valley funds in 2015 demonstrated a"bubble" mentality within the area.
SpotHero partners with off-road parking garages to move the entire parking experience online, from finding a spot to paying for parking. But in 2015, when looking for Series B funding, Lawrence found what he describes as an"annoying echo chamber" among VCs. Deloitte estimates that the US parking market is worth around $30 billion in revenue annually, while the market for smart parking, which includes technological solutions like SpotHero's, could be worth $5.5 billion by 2024,SpotHero instead found believers in Chicago. The firm raised $20 million from Chicago-based funds Chicago Ventures, OCA Ventures, and Pritzker Group Venture Capital, as well as East Coast funds including Battery Ventures and Insight Partners.
The experience was a chastening one for Lawrence, who said the responses showed a lack of awareness. He cited the huge number of drivers in the US and criticized the belief among those in"the bubble" that valet services are the answer.
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