Mobility commerce platform Metropolis Technologies has raised $167 million in Series B funding, the company announced on Wednesday (June 15).
Los Angeles-based Metropolis helps its members get in and out of parking lots without having to use their credit card or phone, the company said in a press release. It also connects members to nearby business community promotions and discounts, providing local merchants with new economic opportunities.
“By connecting transport, convenience commerce and payments for the first time, Metropolis brings the ease of digital transactions to a range of use cases in the physical world,” the company said.
Metropolis says it has nearly 2 million members, operates more than 600 parking lots and garages, and works with thousands of grocery stores, cafes, and other local merchants.
Since last February – when the company completed its Series A – Metropolis has seen a 28x increase in users and is now live in over 60 cities. This is despite a pandemic, he said, “which has reduced most urban commerce to near zero.”
The funding round was led by 3L Capital and Assembly Ventures with participation from leading growth capital investors Dragoneer Investment Group, Eldridge, Silver Lake Waterman and UP Partners, among other investors.
Read more: Increased travel drives demand for toll, ticket and parking management
Last month, PYMNTS reported that as travel increased, so did the number of tolls, tickets and parking meters to pay.
This trend was reflected in Verra Mobility’s earnings report, which showed that its total revenue for the first quarter grew 90% year-over-year. Revenue from the company’s organic services increased 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 which is driving the performance of our commercial services,” Verra Mobility CEO David Roberts said in a press release.