Dallas company ParkHub has been awarded a hefty growth investment in its quest to continue its expansion.
The parking technology company secured funding from Philadephia’s LLR Partners, according to a report.
The deal was a $100-million investment to help the company’s management team and support its continued growth, LLR Principal Ryan Goldenberg said.
ParkHub offers hardware and software options to manage and optimize parking. It also has agreements with venues like AT&T Stadium and American Airlines Center. ParkHub claims it has around 70 employees and plans to recruit more in the coming year.
ParkHub CEO George Baker said that the funding is part of the company’s expansion into new areas to drive growth.
He said that the round will assist in the creation of its current offerings and related product set, along with offering “recapitalization back to the balance sheet.” The growth fund will also assist with inorganic expansion.
ParkHub is poised for growth as more businesses adopt new technological options to manage parking services.
Goldenberg shared that ParkHub has gained enough size in the past year that it is logical for his company to invest in it.
Even before this investment, ParkHub has secured four deals, including a deal with campground management platform Bonfire. The software allows park owners and managers to provide booking options, manage reservations, and simplify payments.