Pango Mobile Parking Ltd. has raised $6.5 million in new funding, led by Bearing Capital Ltd. and existing shareholders. The company will use the proceeds to develop next-generation smart parking applications.
Pango, headquartered in Kadima, Israel, and New York City, has launched its app in Alexandria, Virginia, and Scranton, Pennsylvania, with on-street/municipal cellular parking services, and in New York City in private garages. It also offers parking garage locator services, valet parking, and location-based coupons.
"Cities and private parking operators are adopting the Pango Platform at light speed because they see the tangible results provided by the service: consumer convenience, increased revenues, reduced costs, and real time parking information," said Pango president Neil Edwards. "The Bearing Capital investment, along with the continued support of our existing shareholders, provides the resources required to facilitate an expedited expansion platform across North America." Pango's technology was invented and obtained a US patent in 1996. It launched in Israel in 2007 and currently has over 800,000 users recording over two million monthly parking transactions. It is licensed and in use in Israel, the Czech Republic, Germany, Greece, and Poland.
Published by Globes [online], Israel business news - www.globes-online.com - on March 2, 2014
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