ParqEx, which allows parking owners to rent out their spaces to other drivers, raised a $1.27 million seed round.
The round was led by Venture Management Partners and Wisconsin Investment Partners, both of Madison, along with investment from startup accelerators Elmspring and gener8tor.
Launched in 2014, ParqEx recently took part in Chicago’s Elmspring and Milwaukee’s gener8tor tech accelerators. After taking part in the Wisconsin-based gener8tor program, ParqEx announced plans to open an office in Milwaukee, its second location outside of Chicago.
The startup has been a hit with Chicago condo owners, and it saw a huge uptick in users around the Cubs home World Series games, where some spots were selling for upwards of $250.
“We’re not just building an app or a website,” ParqEx CEO Vivek Mehra said in a statement, “We’re creating an ecosystem to solve the urban parking problem by bringing communities together and allowing individuals, businesses, schools, churches, anyone with a parking spot to share their parking easily so that everyone wins.”
I love innovation like this.
My friends that live near Lambeau field might want to start charging me for Packer parking after seeing this…looks really easy to get the marketplace information out there and see supply and demand.