Uber Technologies Inc. struck a deal to buy SpotHero, a leading Chicago parking app, according to a press release by Uber Investors. The move will add parking reservations right into the Uber app, targeting drivers seeking spots at garages, lots, and valets.
SpotHero launched in 2011, and serves millions across more than 400 cities in the U.S. and Canada, the Chicago Business Journal confirmed. The app reportedly covers over 13,000 locations.
Benefits for riders and operators
Uber CEO Dara Khosrowshahi said in the company’s press release, "We've built Uber around giving people more ways to get around without needing a car. But for the moments when people do choose to drive, SpotHero on the Uber app will make the experience easier than ever, and bring more people into the Uber ecosystem."
The integration focuses on commuters, events, venues, and airports. Uber One members will gain parking perks over time, the press release states. Parking operators will also get access to Uber's vast user base and partners.
SpotHero CEO Mark Lawrence noted in the press release, "We've spent 15 years building SpotHero into the most trusted, high-performing digital parking network in North America. Joining forces with Uber will allow us to bring that experience to millions more drivers and make parking a natural part of the Uber platform."
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The San Francisco ride-hailing firm eyes easier travel options. According to the Chicago Business Journal, SpotHero, a 15-year-old startup, raised over $118 million. Its last valuation hit $290 million after a 2019 funding round, the report states.
Past talks with Uber and Lyft fell through. SpotHero tried partnerships recently. One Uber discount deal ended without success, the Chicago Business Journal said.
The acquisition awaits regulatory nods and standard conditions. It should close in the first half of 2026, according to the press release.
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