A Boston-based startup that provides automated parking technology for commercial developers including Jamestown and Lincoln Property Co. received $3.8 million in venture capital funding for expansion.
Vend Park says its automated systems enable developers to replace outdated manual parking systems with seamless digital technology, while increasing revenues.
“Hybrid work schedules have significantly impacted the way cities and buildings are being used by consumers today. While many landlords have found innovative ways to better utilize their buildings in this new environment, parking options have failed to evolve with the rest of the industry,” Vend Park CEO Michael Miele said in a statement.
The company’s products include FlexPass, which allows employees to split the costs of monthly parking memberships.
Floating Point Advisors led the seed round funding, which will be used to hire additional staff and develop new products, Vend Park announced.
Vend Park also announced it has signed new deals with parking operators VPNE and ACE Parking to implement its technology throughout their client portfolios.
The company’s developer clients include Jamestown, Lincoln Property Co. and Pacific Crest Real Estate.
Miele is a former executive at Spotlight Parking, which was a MassChallenge finalist in 2015 for its mobile app for valet parking.