Change is coming, and it’s well-financed.
Metropolis — an artificial intelligence platform that systematizes and consolidates parking solutions — announced it closed $41 million in Series A funding. The financing will catalyze its expansion into 600 locations around the country by the end of the year, including New York City, Los Angeles, San Francisco and Seattle.
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Metropolis will expand its concept of integrating different options and features like open parking locators, requesting cars for pickup or return, paperless payment, valet coordination and more. The firm promises technology that improves revenue generation, reduces operating expenses, and provides real estate partners with data analytics.
Equity firm 3L led the most recent round. The seed investor has offices in New York and L.A. County, and it focuses on tech-enabled consumer businesses.
Total funding for Metropolis is now at nearly $59 million. Supporters include Starwood (STWD) Capital; former Twitter CEO Dick Costolo of 01 Advisors; DivcoWest; Scott Rechler’s RXR Realty; and former NBA star Baron Davis, among others.
In a blog post via Medium, Alex Israel, co-founder and CEO of Metropolis, said the firm is “repurposing, reimagining and reinvigorating parking,” which he also referred to as the most under-monetized real estate.
Proptech investment from venture firms and real estate interests took a dive alongside the rest of the economy in 2020, finishing with a total of $23.8 billion of investment, down 25 percent from the previous year.
