The four co-founders are continuing to pass major milestones with an acquisition strategy and timely funding since its launch in 2017
Drivers’ parking experiences around the country are now being enhanced through artificial intelligence, enabling them to readily come and go without checking out. Metropolis Technologies’ recent acquisition of SP Plus Corp. (SP+) now offers this service to over 4,000 SP+ locations through its AI-driven platform.
The company now has North America’s largest parking network having also purchased Premier Parking’s 500+ locations in 2022.
“Metropolis has developed a new growth buyout model, demonstrating how innovation and technology can evolve legacy industries for the 21st century,” said Tony Minella, Co-Founder and President of Eldridge Industries, an existing investor in Metropolis that led the recent financing transaction. “Alex and the Metropolis team will implement their tech solutions to both improve people’s daily lives and drive significant value to real estate partners.”
All of this has been achieved over the past seven years through the company’s leadership team comprised of co-founders Alexander Israel, Courtney Fukuda, Peter Fisher, and Travis Kell.
Alexander Israel, CEO, brought his technology background and experience to the startup. He was previously the General Manager of an enterprise division of INRIX, the leading traffic intelligence provider of smart technology and data analytics for urban mobility. He also co-founded ParkMe in 2009 achieving the world’s most comprehensive parking database.
Joining Israel are two executives who held positions at BlackRock Alternative Advisors.
Courtney Fukuda, Chief Integration Officer, brings her experience as the Regional Head of Asia Pacific Product Strategy at BlackRock where she developed and executed strategies in the Greater China, South Korea, and Southeast Asia regions. By Fukuda joining the team, the startup gained early funding from Halogen Ventures, a venture capital firm investing in early-stage consumer technology companies led by female and co-ed teams.
Peter M. Fisher, CCO, is most recently from the financial services industry. He was a senior business development professional at Winton Group, a computer-driven global investment management and data science company. His prior position was as Director at BlackRock where he led the New York-based Product Strategy team.
Travis Kell Chief Strategy Officer fills out the co-founders’ team with his recent executive position at Global Airtech, a privately-held aviation brokerage and fleet management company. He was involved in setting the company’s strategic vision and leading the firm’s global business development opportunities.
The company’s startup journey began in 2017 by provisioning access to authorized vehicles. The co-founders envisioned the future when millions of consumers would “drive in and drive out” using its proprietary technology for “checkout-free” experiences.
In 2018 Metropolis introduced the first application of its platform at a commercial garage and began the first productization of its proprietary technology. The following year the platform was integrated into field operations and new use cases were explored in Class A office buildings, multi-garage complexes, and valet services.
The next two years, 2020 and 2021, could be considered Metropolis’ breakout with the raising of a $41 million Series A. New hires and its product build-out helped the company expand into multiple major cities. In 2022 the company raised a $167 million Series B for further expansion.
Last year Metropolis completed the year’s third-largest AI fundraising of $1.8 billion, setting the stage for the SP+ acquisition that includes 20,000 employees. The financing included $1.05 billion in Series C preferred stock and $550 million of term debt on a committed basis led by Eldridge Industries with the participation of other institutional investors.
Significant investment came from BDT & MSD Partners’ affiliated credit funds, Vista Credit Partners, Temasek, and Metropolis’ existing shareholder group led by private equity firm 3L. With SP+ shares no longer traded on the Nasdaq Global Select Market, Metropolis moves forward as a founder-led/founder-controlled, private company.
“This unprecedented take-private is a once-in-a-generation opportunity to unite two companies at the top of their fields,” said Israel. “This isn’t just an acquisition; it’s about our shared vision to forge a legacy of innovation and raise the bar for AI in the real world”.
Now servicing thousands of locations, Metropolis’ AI technology is reaching over 50 million consumers and real estate partners, processing over $4 billion in payments annually.
“We will enable checkout with a speed, ease, and convenience that is unparalleled, even online. While transforming the parking experience is our focus and priority today, the opportunities for our growth are limitless,” said Israel.
