Last-Mile Mobility Company Arrive Acquires Parking Finding Startup SPARK

SPARK develops an app that provides real-time information about available parking options near specified locations for both on-street and off-street parking and also offers a pre-booking service for parking spots

Chicago-headquartered last-mile mobility company Arrive Mobility Inc. has acquired Tel Aviv-based parking finding startup sPARK Parking Technologies Ltd., the former announced Thursday. While the financial details of the acquisition were not disclosed, the deal was valued at several millions of dollars, according to one person familiar with the matter who spoke to Calcalist on condition of anonymity.

 

Founded in 2012, sPARK develops an app that provides real-time information about available parking options near specified locations for both on-street and off-street parking and also offers a pre-booking service for parking spots. SPARK had raised $2.15 million prior to the acquisition, according to Pitchbook data.

sPARK's executive team. Photo: Sagi Mekayten

 

In December, Arrive announced its intention to open an Israeli research and development center in 2020 based on its 2018 acquisition of Tel Aviv-based parking management startup CodiPark Ltd. In a January interview with Calcalist, Arrive CEO Yona Shtern said the company would soon be “announcing another Israeli acquisition, also related to smart parking.”