# ParqEx

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/parqex

- Industry: Travel & Leisure
- Headquarters: Chicago, US
- Website: www.parqex.com
- Total disclosed funding: $1.3M
- Latest round: Seed (Dec 27, 2016)
- Investors on record: 4

## About

ParqEx, LLC is a company that specializes in smart parking solutions, utilizing technology to enhance the management and monetization of parking spaces for urban markets.Founded in 2014 by Vivek Mehra, ParqEx, LLC is based in Chicago, US, and focuses on innovative parking management solutions. The company has undergone strategic pivots, particularly in developing its technology offerings, and has engaged in a Seed funding round that raised USD 1.27 mn in December 2016, led by investors such as Venture Management LLC and Wisconsin Investment Partners. This round represents the total amount raised by the company to date.ParqEx specializes in providing smart parking solutions that leverage proprietary technology to optimize the management and monetization of underutilized parking spaces. Its core offerings include the ParqEx Parking Marketplace, which facilitates the identification and reservation of private parking spots, and the Access+ platform, which enhances property security and access management through smartphone integration and License Plate Recognition (LPR) technology. The company's solutions are tailored for various clientele, including property developers, property managers, and homeowners' associations (HOAs), with a focus on urban markets such as Chicago, San Francisco, Los Angeles, Miami, and Washington D.C. By addressing challenges related to guest parking management, revenue generation, and operational efficiency, ParqEx effectively serves end users ranging from residential tenants to commercial property owners.ParqEx's revenue model is structured around transaction-based fees for its parking solutions and subscription services for its proprietary technology platforms. Clients engage with ParqEx primarily through direct-to-consumer interactions and business-to-business partnerships, wherein property managers and developers can access advanced parking management tools. Property owners can list their available parking spaces on the ParqEx platform, generating income through bookings made by users seeking short-term or long-term parking. Additionally, ParqEx offers tailored pricing plans for its Access+ service, which facilitates seamless access control for properties, enhancing security and convenience. This combination of services and pricing strategies positions ParqEx as a comprehensive provider of smart parking solutions in competitive urban environments.ParqEx aims to enhance its service offerings with upcoming features for the Access+ platform to be launched in mid-2023, which will include advanced analytics for property managers. The company plans to expand into new markets such as New York City and Seattle by the end of 2024. The recently raised USD 1.27 mn from the Seed funding round will be allocated to accelerate product development and support market expansion efforts.

## Funding rounds

- Seed, Dec 27, 2016, $1.3M — Wisconsin Investment Partners, gener8tor, Venture Management LLC, Elmspring Accelerator

## Investors

- Wisconsin Investment Partners (https://capitalatlas.ai/funds/wisconsin-investment-partners) — Seed
- gener8tor (https://capitalatlas.ai/funds/gener8tor) — Seed
- Venture Management LLC — Seed
- Elmspring Accelerator — Seed