ParqEx Raises More than $1M

ParqEx, the Chicago-based company that lets people rent out their private parking spots, has raised more than $1 million, the company said.

The 2-year-old company said investors in the round include Venture Management and Wisconsin Investment Partners, both based in Madison, Wis., where ParqEx formally expanded its service earlier this month. It also said it received funding from participating in two accelerators, $90,000 from Gener8tor in Milwaukee, and $20,000 from Elmspring in Chicago.

Founder Vivek Mehra, who serves as ParqEx’s CEO and CTO, said he wants people to see his company as an “Airbnb for parking.”

Unlike other Chicago-based parking-booking services ParkWhiz and SpotHero — which let people prepay for spots in commercial lots and garages, often at a discount — Mehra said his service focuses on private parking spaces.

Read more at the Chicago Tribune.