The funding will help Metropolis hire more employees. Here are the top-line bullets you need to know.
Metropolis, a parking management and payment platform, has raised $167M in a Series B. The round drew participation from Dragoneer Investment Group, Assembly Ventures, 3L, Eldridge, and Silver Lake, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Metropolis enables parking lot managers to offer self-serve parking services to their customers.
- The platform has a network of 600+ parking facilities and caters to 1.8M+ users. Its user base has grown by 28x since February 2021.
- It operates across 60+ cities.
- Metropolis is backed by a team of 2K employees and has offices in Los Angeles and Nashville.
Source: Metropolis
WHY DOES THE MARKET MATTER?
- The global smart parking technologies market is expected to reach a value of $17.4B by 2031, growing at a CAGR of 17.3%, according to Transparency Market Research.
- The advancement of internet of things (IoT) technology is contributing to growth in this market.
- Increased concern with traffic congestion and parking availability in urban areas has also given this market a boost.
