Toronto-based parking spot marketplace WhereiPark has been acquired by Spacer Technologies, an Australian software company that describes itself as the “Airbnb of the alternate asset space.”
Spacer’s acquisition of WhereiPark closed on April 30. The acquisition price, which consisted of a combination of cash and stock, was not disclosed.
Although it is now the one being acquired, WhereiPark has a history of acquiring its own startups in the past.
Founded in 2014 by Alex Enchin and Jeremy Zuker, WhereiPark offers an online marketplace for monthly parking spaces. The startup’s platform enables car owners to find and book unused parking spots in advance, and allows property owners and parking operators to generate revenue by listing vacant spaces through its platform.
As a result of its consolidation, the combined entities of Spacer and WhereiPark will be led by Spacer CEO Mike Rosenbaum and Zuker. Zuker is also joining Spacer’s board of directors.
Zuker told BetaKit that WhereiPark’s team will be in charge of the integrated company’s North American business, including the parts that Spacer has already established in the continent.
Spacer helps real estate asset owners lease out their extra space through its platform. The company’s marketplace features parking and self-storage listings from a group that includes local homeowners, small businesses, hotels, REITS, and property managers.
Founded in 2015, Spacer currently operates in 20 major cities in the United States and Australia, and claims that 250,000 consumers search its platform every month. Through its acquisition of WhereiPark, Spacer hopes to further expand its footprint in North America.
Rosenbaum said that the deal will also introduce opportunities for Spacer to tap into new markets, partnerships, products, and to leverage the strengths of both companies.
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“We want to work with more real estate owners using our technology to help them meet current consumer demands for flexibility and convenience on-demand,” Rosenbaum said. “This extends to more geographies, and new verticals such as warehousing or office leasing.”
Although it is now the one being acquired, WhereiPark has a history of acquiring its own startups in the past.
Last year, WhereiPark purchased San Francisco-based parking app MonkeyParking for an undisclosed amount. In 2018, WhereiPark also acquired Seattle’s GarageHop. WhereiPark’s portfolio also includes Rental Car Parking and Construction Parking.
Under Spacer, Zuker said that WhereiPark plans to double down on its B2B demand. With access to a broader platform in Spacer, he noted that the startup will be able to work with more types of parking suppliers to expand its offering.
Featured image from John Matychuk via Unsplash.