SpotHero announces new funding, board members

SpotHero, the Chicago company whose app pairs parking companies with drivers looking to find and reserve parking spaces, announced new board members Wednesday morning and that it had received an additional $4.5 million in a recent fundraising round.

The Series A investment brings the former TechStars and 1871 tenant's fundraising to $7 million since 2012 and represents a vote of confidence in the company from the Chicago entrepreneurial ecosystem, which doubled down on earlier investments.

Meanwhile, the new board members are notables in the startup world: LinkedIn Senior Vice President Mike Gamson, CEO Sam Yagan and veteran venture capitalist Sam Guren.

Among other things, Guren is a former managing director of Chicago's Hyde ParkAngels, Yagan a co-founder of TechStars and Gamson a name that reflects the company's national growth ambitions.

SpotHero's previous backers — Lightbank, OCA Ventures, David Cohen, Pritzker Group Venture Capital,, Battery Ventures, 500 Startups and Excelerate Labs (now Techstars Chicago) — all chipped in during the second round, said spokeswoman Elise Fox.

New money includes Chicago Ventures, Bullpen Capital, Draper Associates and Howard Tullman's G2T3V.

The additional funds will underwrite growth.

SpotHero, which has moved into new offices in River North, said it has increased revenue, grown its staff from five employees to 22 and is hiring.

Since its first financing round in December 2012, the company has expanded from Chicago and into New York, Washington D.C., Boston, Baltimore, Newark and Milwaukee.


Read more on SpotHero's graduation from 1871