ParkMe Announces New Funding from Angeleno Group and Existing Investors
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http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130123:nBw235434a Investment Fuels Expansion of ParkMe`s Leading Real-Time Parking Solution LOS ANGELES--(Business Wire)-- ParkMe, the world`s most comprehensive database and analytics software solution for on-street and off-street parking locations and availability, today announced a new investment by Angeleno Group, a Los Angeles-based private equity firm focused on high growth energy and natural resources companies, and existing investors, Fontinalis Partners and IDG Ventures. In addition, Daniel Weiss, Managing Partner & co-founder of Angeleno Group, has joined the ParkMe board of directors. As the leading provider of dynamic and real-time parking data, analytics and services, ParkMe will utilize the new funds to expand its international footprint and continue to grow its existing U.S. presence. Currently, ParkMe provides parking data and availability in 500 cities across the U.S. and Europe. Most recently, ParkMe released its real-time on-street parking solution for drivers in Los Angeles and Santa Monica after initially launching in Austin last year. The company plans to use the new funds to build its technology team and to foster additional business development and marketing initiatives. "With an average of 30% of traffic in urban areas caused by drivers searching for parking, congestion poses an ever-growing frustration to millions of motorists and creates substantial economic and environmental costs," said Daniel Weiss, Managing Partner of Angeleno Group. "We are excited by ParkMe`s unique, data-centric, analytical approach to parking guidance and optimization and look forward to working with the ParkMe team to bring their solution to drivers around the world." "The backing of high caliber investors like Angeleno Group, Fontinalis and IDG speaks directly to the magnitude of the opportunity that we are trying to address," said Sam Friedman, CEO and Co-Founder of ParkMe. "For years, drivers have lacked a technology solution to make finding and paying for parking a more seamless endeavor. Through its vast partner network of parking owners and operators as well as cities, ParkMe is empowering drivers with connectivity and real-time parking information that they've been without for far too long." ParkMe delivers accurate, real-time parking guidance to drivers through mobile and digital devices including smartphones and in-car navigation systems, bringing the parking industry online for drivers and parking owners through a novel real-time marketplace. The company`s proprietary software analytics platform utilizes existing infrastructure to provide drivers with real-time parking availability, without the need for additional hardware or equipment. ABOUT PARKME Based in Santa Monica, Calif., ParkMe is the leading provider of parking information to navigation companies and smartphones. Founded by Sam Friedman and Alex Israel, ParkMe`s mission is to make parking easier. ParkMe collects and aggregates data about both on-street and off-street parking and has built the world`s most comprehensive parking database and analytics software. This includes more than 25,000 worldwide locations in more than 500 cities serving an estimated population of 235 million drivers in 19 countries and three continents. ParkMe`s free app, ParkMe, helps drivers find parking in real time from their smartphones or in-car navigation systems. Recently ParkMe launched its real time on street solution for parking in Los Angeles and parking in Santa Monica. For more information, visit www.parkme.com. ParkMe can be found on Twitter @TheParkMeApp, and on Facebook at http://www.facebook.com/theparkmeapp. ABOUT ANGELENO GROUP Founded in 2001, Angeleno Group is a pioneer in providing growth capital for next generation clean energy and natural resources companies. The firm invests opportunistically in a range of deal types, with a strategy that is sector-focused, stage-agnostic and research-driven. Since its founding, Angeleno Group has become one of the largest dedicated energy growth equity investment firms, making investments on a global basis with investment professionals operating in the U.S., Asia and Australia. For more information, please visit www.angelenogroup.com. Allison+Partners on behalf of ParkMe Natascha French, 310.496.4437 ParkMe@allisonpr.com Copyright Business Wire 2013