DETROIT, Michigan & ATLANTA, Georgia – January 16, 2018 – Fontinalis Partners, a venture capital firm investing in leading next-generation mobility companies, today announces the successful sale of its portfolio company, Parkmobile, LLC, to BMW Group.
Parkmobile, LLC is an Atlanta-based digital parking services company that is the largest parking payments provider in North America and currently serves customers in more than 300 U.S. cities (including New York, Philadelphia, and Phoenix). The company’s services enable ticketless and cashless on-street parking via an app or directly from the car. The service also helps users find, reserve and pay for off-street parking in garages.
Parkmobile, LLC was established in 2014 through a joint venture between SP Plus Corporation and Parkmobile USA (whose investors included BMW Group, Fontinalis Partners, and others). Parkmobile serves 22 million customers in 1,000 cities in North America and Europe and is the leading international provider of digital parking solutions.
Fontinalis Partners has been an active investor in Parkmobile, LLC and its predecessor since it first established U.S. operations, and the Fontinalis Partners team played an important role in helping the company secure many prominent customers and industry partners.
“Parkmobile was the first investment of Fontinalis Partners initiated in January 2010. We are very proud to have built from scratch the leading digital parking solutions provider in North America. With this transaction, BMW solidifies their global ambition to expand service,” stated Ralph H. Booth, II, Chairman of Parkmobile, LLC, and Founding and Managing Partner of Fontinalis Partners.
Parkmobile, LLC is the leading provider of parking solutions in North America, helping millions of people easily find and pay for parking on their mobile device. The company’s technology is used in over 3,000 locations across the country, including seven of the top ten cities, as well as college campuses, airports and stadiums. Parkmobile was recently named by Deloitte as a Technology Fast 500 winner, recognizing the fastest-growing technology companies in North America. For more information, visit Parkmobile.com or @Parkmobile on Twitter.
About Fontinalis Partners
Fontinalis Partners, with offices in Detroit and Boston, is a venture capital firm strategically focused on next-generation mobility. The firm was founded in 2009 and has approximately $170 million of committed capital under management. Fontinalis invests across all facets of mobility on a stage- and size-agnostic basis. More information is available at www.fontinalis.com.