Another car to park, another app to help you park it.
Pango Mobile Parking, a parking-centric app whose patent was obtained, oddly, in 1997, raised $6.5 million in venture funding Friday. The startup, founded by entrepreneur Zion Harel in Israel, has global ambitions for the billion dollar plus parking industry, and plans rapid expansion into U.S., European, and South American markets.
D.H. Rondor International led the financing.
Parking apps are springing up globally. Some with mixed results. Rome-based Monkey Parking, for example, pulled their app from the market in San Francisco after they were threatened with a massive lawsuit by the city attorney. San Francisco was outraged that Monkey Parking was auctioning off spots on public streets via the app for money.
Alas, Pango Mobile Parking is different. The app allows you to pay for parking in garages and on the street. Although an app, the startup touts itself as a “Pay-by-Phone system for parking…..With Pango, you control your parking session from your phone so, in less than 30 seconds, you pay for, extend or end a parking session.” That’s according to their website.
The upside of Pango, according to the company, is it claims to eliminate the need for change, so “you don’t have to walk out from your car to activate parking, or to look for the closest paying station. When your parking session is about to expire, Pango sends you a reminder, helping you avoid costly parking tickets,” according to the company.
Pango president Neil Edwards said the money would be used to penetrate new markets. “The technology was developed in Israel. We’re growing like weeds. The money is to expand in the U.S. We closed out $6.5 million which is great,” Edwards told VentureBeat.