It's an exciting day at AirGarage: we have raised a $12.5M Series A led by a16z with participation from existing investors including Floodgate, Founders Fund, and Abstract Ventures.
As part of this round, we are honored to have Sriram Krishnan from a16z join Mike Maples from Floodgate on our board.
Sriram brings along unique experience building and scaling products that have impacted millions of consumers through his time working at Facebook, Snapchat, and Twitter.
We started AirGarage as students in need of affordable parking when we realized there were underutilized driveways sitting across the street from the overpriced campus parking garage.
While we don't rent out driveways anymore, the same mission and vision for what we are building carries through to today: parking real estate is fundamentally underutilized because it is managed in an offline, old-school way using machines, attendants, and cash.
As a full-stack parking operator, AirGarage automates the operation of parking lots and parking garages. We handle all aspects of managing a parking asset including collecting payments, advertising across parking apps, and camera-based enforcement while providing asset owners with advanced analytics about how their property is performing.
Today AirGarage manages over 150 parking lots and parking garages across 30 US states and Canada. We've grown 12x in the past year and we're just getting started.
We are building a future where real estate is digitized and can be transitioned from one use to another seamlessly on-demand, moving every piece of urban real estate toward its highest and best use, whether that be for cloud kitchens, micro-warehouses, autonomous vehicle fleets or other uses cases waiting to be built on our platform by budding entrepreneurs.
We are starting with the $131 billion US parking real estate market because it is one of the most offline and mismanaged commercial real estate asset types. Parking occupies 30% of the average American city and we believe it can do so much more than it does today.
AirGarage is a parking operator built for the 21st century - handling everything from property management, advertising, payment collection, and more.