Parkifi closes $9.5M Series A funding round

Thursday February 25, 2016 Tags: Denver, Parkifi, Ryan Sullivan, Crosslink Capital, Grotech Ventures, Jim Feuille, Joe Zell

DENVER -- Parkifi   announced it has closed a $9.5 million Series A funding round led by Crosslink Capital and Grotech Ventures.

The funding round will enable Parkifi to increase staff, continue to grow nationally, and deploy additional parking solutions at parking facilities, shopping malls, office buildings and more.

Headquartered in Denver, Parkifi is a fast-growing technology company focused on providing customers with real-time parking data that enables parking managers to run their operations more efficiently, and empowers partnering mobile apps with data they need to direct drivers to parking spaces faster.

Parkifi’s smart sensors are currently installed nationwide.

“We are very excited to be working with these great firms to fund our continued growth,” said Ryan Sullivan, founder and CEO. “Working with Crosslink Capital and Grotech Ventures allows us to reach our long-term vision, while focusing on our day-to-day goals of improving and simplifying the parking experience for everyone, significantly reducing city traffic, and providing operators with the valuable information they need to improve the efficiency of their operations.

“Through this round of funding, we will now be able to meet our strong customer demand more efficiently, while improving the lives of parking operators and individual drivers.”

Crosslink Capital works with private companies across the spectrum to invest in new markets, bringing intelligence, and a true business coaching partnership to their investments.

“Parkifi is how the parking experience will finally be improved. Parkifi doesn’t just scratch the surface of the problem, they work directly with the owners and operators of parking facilities to solve this problem from the ground up,” said Jim Feuille, partner at Crosslink Capital.

Grotech Ventures, a breakthrough venture capital company with a personal, long-term funding approach was also a part of the Parkifi Series A. Grotech identified Parkifi as a company with fresh ideas, breakthrough innovations and an approach which will yield explosive growth.

“We are thrilled to contribute to Parkifi’s funding because we see new, breakthrough ideas from the founders,” said Joe Zell, general partner at Grotech. “Understanding that parking requires technology to reduce downtown traffic and change the ways cities operate is something we want to leverage.

“We believe Parkifi is well-positioned to not only change the way we look at parking, but also how we, and soon our cars, park.”