Regina-based Offstreet has closed a seed funding round worth $1.2 million CAD from an undisclosed group of investors.
Offstreet has created licence plate-based parking validation software that allows parking managers to digitize and manage paid parking exemptions at ungated lots and garages. According to Offstreet, parking validations are often a headache and can halt the ability for lot operators to go fully digital.
Parking validations are often a headache and can halt the ability for lot operators to go fully digital.
Parking exemptions are often given to employees or important guests of a lot so that they can bypass payment for their visit. Without a manned entrance booth, it can be difficult for these exemptions to be verified. That is where Offstreet comes in.
The startup was founded in Regina in 2016 by Matt Fahlman and Kyle Smyth, and has serviced more than 500 parking lots since its inception. It has partnered with major parking operators, property managers, and institutions across North America, with operations in cities from Edmonton to Miami.
However, the focus on parking validation is a switch-up from Offstreet’s original focus. Fahlman and Smith previously tried to develop Offstreet as a “parking share” app, like AirBnB but for parking spaces. The duo faced issues like bylaw violations before pivoting to the current iteration of the software in 2019.
The current version began in the form of an app to help drive down parking problems near Regina General Hospital, later expanding beyond that area.
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“We’re excited about the opportunities that lie ahead as we continue to build the industry’s best parking validation solution,” said Fahlman, who graduated from the University of Regina in 2012 with a business administration degree.
The company said the recent funding will be used to scale Offstreet’s team, accelerate product development, and expand reach to new markets beyond North America. It has not revealed the locations of its planned expansion.
Offstreet previously raised $133,333 CAD in seed funding from Broad Street Bulls in 2020. It also received $200,000 in funding from the federal government in 2021, according to CrunchBase.
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