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Austin-based FlashParking raises $60 million for parking management technology

Jonathan Shieber
Photo: Jason Hawkes/Getty Images

FlashParking, an Austin-based developer of parking management software and services, has raised $60 million in new financing from the private equity investment firm L Catterton.

The company's software, first launched in 2011, provides real-time data and variable pricing options for parking space providers.

FlashParking's CEO and co-founder, Juan Rodriguez, envisions his company's software and services as the cornerstone for a new kind of hub encompassing several different modes of transportation and autonomous or robotic vehicles. The company's payment, monitoring and management software can extend beyond app-enabled parking or valet services to electric vehicle charging; vehicle servicing and cleaning; drone launch, landing and maintenance; and hubs for ride-hailing services.

"This unique platform has allowed us to configure an operating system that’s not only the best solution for parking infrastructure today but also a model that’s ready for tomorrow," said Rodriguez, in a statement.

The company is already managing 30,000 parking spaces across 34 facilities in the Texas Medical Center alone and has 6 million customers using its services to pay for parking each month, bringing in around $1 billion in transaction revenue, the company says.

BofA Securities served as the financial advisor to FlashParking.