What do you do if you have created the most popular link sharing and discussion platform on the planet? If you’re Reddit co-founder Alexis Ohanian you take some of that cash and invest it in ParkWhiz, a Chicago-based company that sells parking reservations for parking spaces.
Sure it might not be the most glamorous company on the web but ParkWhiz, founded in 2006, has managed to pull down $10 million in revenue, while securing access to more than 3 million parking spaces in 35 states. The company even allows baseball fans to reserve parking spaces at 19 Major League ballparks.
Ohanian invested in a $2 million round of Series A funding which was led by Hyde Park Angels, Ira Weiss, Henry Feinberg and Amicus Capital.
Using its new capital ParkWhiz hopes to expand its reach, bringing more spaces onto the open market for customers looking to guarantee their spot at local parking garages around the country.
Ohanian says of his decision to invest:
“We’re bringing to the age-old parking industry a way to allocate inventory the way the hotel and airline industries do.”
This isn’t Ohanian’s first venture outside of Reddit, he has invested in dozens of company’s, typically in field that have remained relatively untouched by tech firms.