Mobility commerce platform Metropolis Technologies has raised $167 million in Series B funding, the company announced Wednesday (June 15).
Based in Los Angeles, Metropolis helps its members enter and exit parking lots without needing to use their credit cards or phones, the company said in a news release. It also connects members to promotions and discounts from the nearby business community, thus giving local merchants new economic opportunities.
“By connecting transportation, neighborhood commerce, and payments for the first time, Metropolis is bringing the ease of digital transactions to a range of use cases in the physical world,” the company said.
Metropolis says it has close to 2 million members, operates more than 600 parking lots and garages, and works with thousands of grocery stores, coffee shops and other local merchants.
Since last February — when the company finished its Series A round — Metropolis has seen a 28-fold growth in users and is now operational in more than 60 cities. This is in spite of a pandemic, it said “which reduced most urban commerce to near-zero.”
The funding round was led by 3L Capital and Assembly Ventures with participation from leading growth equity investors Dragoneer Investment Group, Eldridge, Silver Lake Waterman, and UP Partners, among other investors.
Read more: Increase in Travel Boosts Demand for Managing Tolls, Tickets, Parking
Last month, PYMNTS reported that as travel has picked up, so too have the numbers of tolls, tickets and parking meters needing to be paid.
That trend was reflected in Verra Mobility’s earnings report, which showed that its total revenue for the first quarter was up 90% year over year. The company’s organic service revenue rose 45% primarily due to improved travel demand. Two recent acquisitions also contributed to the expansion, the company said.
“All areas of our business are benefiting from strong macro trends, including a significant increase in travel that is driving our Commercial Services performance,” Verra Mobility CEO David Roberts said in a press release.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More