The parking technology company announces $3.8M in funding along with signing new marquee customers, operator partnerships, and an expansion of product features
BOSTON, MA, Feb 23rd, 2023: Vend Park (Vend), is an end-to-end digital parking solution that transforms parking for owners, operators, tenants, and visitors. Today, the company announced the close of its Series Seed funding round, raising a total of $3.8 million. Additionally, the company announced the signing of several new customers, partnerships with top parking operators, and immediate availability of new product features. Led by Floating Point Advisors, and with investments from Crossbeam Venture Partners, APA Venture Partners, and Alumni Ventures, among others, the financing will be used to further develop Vend’s product offerings and continue expanding the team with key hires in marketing, customer success, operations, and engineering.
In addition to the funding, the company is excited to announce new partnership deals with leading parking operators VPNE and ACE Parking to help streamline the implementation of Vend’s industry-leading solutions across their client portfolios. A new class of customers, including Jamestown LP, Lincoln Property Company, and Pacific Crest Real Estate, will use Vend to replace legacy parking technology with a fully digital solution that elevates the parking experience, eliminates manual processes, and increases net operating income.
"Hybrid work schedules have significantly impacted the way cities and buildings are being used by consumers today. While many landlords have found innovative ways to better utilize their buildings in this new environment, parking options have failed to evolve with the rest of the industry. We are thrilled to have the support of our new customers, investors, and partners, who recognized this critical need and invested in building amazing experiences for tenants and guests," said Michael Miele, CEO of Vend Park.
Eddie Segel, Managing Partner at venture fund Floating Point added, "Parking garages are small businesses run on expensive, legacy technology. Vend automates garage operations while providing a simple, flexible experience for the evolving needs of tenants. We are seeing fast adoption by national real estate owners who are looking to embrace technology throughout their buildings."
In recent months, Vend has expanded its platform to provide owners and operators with the flexibility needed to meet the changing needs of tenants and visitors. For example, Vend’s FlexPass offering allows employees to share monthly parking memberships, better serving the needs of today’s hybrid workforce. Additionally, Vend has revamped its reporting suite to be more customizable to a location’s unique needs, while also providing out-of-the-box reporting on critical data such as location revenue, occupancy, duration of stay, and more. These updates allow owners to make informed decisions for their property based on real-time data insights, ultimately helping them maximize NOI.
"Historically, we have had to rely on a variety of parking technology companies to meet the needs of our diverse portfolio leading to fragmentation, lack of data insight, and missed revenue opportunities. Vend has changed the game with one platform that can meet the needs of many parking use cases. We are excited to expand our relationship to create a seamless experience for our clients and gather actionable data & insights to enhance the performance of our assets. " said Vince Cicciarelli, Vice President of Innovation & Venture, at Lincoln Property Company
Vend’s vision is to transform the way consumers experience parking and unlock the true value of parking real estate for owners. The Series Seed financing will be used to further develop Vend’s product offerings and continue expanding the team with key hires in marketing, customer success, operations, and engineering.
Sakib Jamal, Senior Associate at Crossbeam, shared: “We are betting that more parking operators and property managers will seek out capital-light solutions. Vend is well positioned to provide an integrated, back-office product with attribution capabilities for businesses, along with a seamless payments experience for drivers.”