Smart parking app, Streetline raises $25 million in Series C funding, reports Antony Ha of TechCrunch. This round of funding was led by True Ventures along with new investors Qualcomm Ventures and Citi. The earlier investors Sutter Hill Ventures, RockPort Capital Partners, and Fontinalis Partners also participated in the funding. Apart from this; the company has availed a credit upto $25 million from Citi, after which the total worth of the company adds upto $40 million. This funding round will help in growth, internationally.
Streetline, with its unique technology helps drivers find empty parking spaces to park their vehicles. It also provides services to cities, universities and parking lot owners giving them the opportunity to learn more about efficient parking. If there is a free parking space available, the sensors capture it and deliver the data with the Parker app to consumers, who need parking space.
Streetline is serving different groups of consumers, avoiding the congestion on roads. This app is already being used in countries such as Braunschweig, Germany, and Birmingham and U.K. Zia Yusuf, CEO says that it took them nearly five years to establish this app and reap their fruit of success. Adding to it, he also states that they are planning to expand it globally, revealing their talks with Cisco, as a part of their ties. Cisco’s Wi-Fi networks will be used to deliver data, starting in San Mateo and San Carlos, California.
Streetline is also diversifying its services including data and apps, apart from the primary service which is concentrated on sensors. Yusuf also states that the service pays for itself, as the parking spaces can be utilized more effectively by offering various prices depending on the space. Finally, Yusuf said that he plans to streamline the data for all the customers around the world.