ParqEx raises $1M Seed Funding

What does ParqEx do?

ParqEx, is the company which helps people in renting out their private parking spots. It is a private parking marketplace where the owners of the property can rent the parking spots which they are not using. This company helps rent the owners underutilized parking spaces to drivers on hourly, daily and weekly or monthly basis. For the parking spaces which is behind the garage doors or gates, the company’s Access and technology will enable the owners grant controlled access to their secured parking spots through the company’s app.

How much ParqEx was funded?

The company raised $1M on December 20, 2016 from Wisconsin Investment Partners and Venture Management.

What is next for ParqEx?

The company has expanded its services earlier this month. The company has aims of becoming Airbnb for parking. In Early 2016 the company introduced technology which helps parking spot renters open the door to a parking garage using the application. Building owners have to approve the installation of special hardware which lets the application control the garage door.

More about ParqEx

ParqEx was founded on April 1, 2015. It has its headquarters in Chicago, Illinois. This company focuses on private parking spaces unlike other booking services. The company was started to aid drivers park closer to the places they have to go and for helping people in making money by giving their parking spaces for rent to others. Most of these spaces are in protected places, such as a parking garage of condominium. But the biggest problems they faces was most of these spots were locked behind garage doors and gates. Many residents and building management might not like this idea. But this company focuses on long term rentals, in part as this provides parkers access to private property, where owners would like to maintain a track of fewer strangers using the facility.