Pango closes USD6.5M financing round

Pango Mobile Parking, a mobile parking payment company has closed an investment round which will provide the company with up to USD6.5million in new funding.

Pango recently launched their service offers in Alexandria, Virginia and Scranton, Pennsylvania with on-street/municipal cellular parking services and in New York City in private garages. Pango also offers parking garage locator services, valet parking, and location-based coupons.

“We have witnessed how use of the Pango platform changes the parking experience of drivers in a meaningful way and are excited to join Pango as we roll out this platform on a broad scale” said Mark Fischer, CEO of Bearing Capital. “We understand that the parking industry and consumers alike are ripe for change to implement new and more convenient parking payment systems. We are thrilled to be part of the Pango solution which offers unprecedented technological innovations that are first and foremost consumer focused.”

“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 Neil Edwards, President of Pango. “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.”

Zion Harel, CEO of Pango Mobile Parking Ltd., said, “We welcome Bearing Capital to the Pango family and together with our current investors Pango will continue to lead the technological revolution in the parking market by offering unprecedented convenience to consumers and tangible benefits to municipalities and parking garage operators. We are keenly focused on changing the current dynamics of the parking landscape, one driver at a time.”

Related reading

Leave a comment