Parking startup pulls in another $2M

By September 15, 2015Boomcast Blog, Startup News

A LoDo startup has parked another $2 million investment into its coffers.

Denver-based Parkifi, which is designing a sensor for parking lots that can detect whether a parking space is occupied, finished raising $2 million earlier this month, the company said.

That brings the company’s total haul to more than $4 million since its first funding round last December, according to the SEC.

Parkifi co-founder Ryan Sullivan said that the funding will help Parkifi take its system of parking space detectors to market.

“It’s basically an extension of our seed round,” Sullivan said. “It’s technically called a ‘bridge.’ We used it to staff up and get initial prototypes in the field and get some customers to buy into the business model.”

Sullivan estimates the next raise will take place in the next two months.

Investors in the most recent round included Texas real estate developer Howard Hughes Corp. and Indiana real estate behemoth Simon Property Group. Sullivan said he’s talking with other companies with a large amount of commercial parking lots in their portfolios, as well.

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