ParkJockey is an American

parking Parking is the act of stopping and disengaging a vehicle and leaving it unoccupied. Parking on one or both sides of a road is often permitted, though sometimes with restrictions. Some buildings have parking facilities for use of the buildings' ...

revenue and access control startup that allows the

real estate Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more general ...

owners or operators to streamline

operations using smart software and hardware technologies and data

API An application programming interface (API) is a way for two or more computer programs to communicate with each other. It is a type of software Interface (computing), interface, offering a service to other pieces of software. A document or standa ...

s. On the consumer-facing front, the company has developed a

payment terminal A payment terminal, also known as a point of sale (POS) terminal, credit card terminal, EFTPOS terminal (or by the older term as PDQ terminal which stands for "Process Data Quickly"), is a device which interfaces with payment cards to make electro ...

kiosk for parking as well as a

mobile app A mobile application or app is a computer program or software application designed to run on a mobile device such as a phone, tablet, or watch. Mobile applications often stand in contrast to desktop applications which are designed to run on d ...

lication to search and pay for parking spaces. ParkJockey partners with organizations such as

Ticketmaster Ticketmaster Entertainment, Inc. is an American ticket sales and distribution company based in Beverly Hills, California with operations in many countries around the world. In 2010, it merged with Live Nation under the name Live Nation Entert ...

Hertz The hertz (symbol: Hz) is the unit of frequency in the International System of Units (SI), equivalent to one event (or cycle) per second. The hertz is an SI derived unit whose expression in terms of SI base units is s−1, meaning that on ...

, the

Miami Heat The Miami Heat are an American professional basketball team based in Miami. The Heat compete in the National Basketball Association (NBA) as a member of the league's Eastern Conference (NBA), Eastern Conference Southeast Division (NBA), Southe ...

, and provides parking at venues including the Rose Bowl, the US Bank Stadium,

Camping World Stadium Camping World Stadium is a stadium in Orlando, Florida, located in the West Lakes neighborhood of Downtown Orlando, west of new sports and entertainment facilities including the Amway Center, the Dr. Phillips Center for the Performing Arts, a ...

and the

FTX Arena FTX Arena (known as American Airlines Arena from 1999 to 2021) is a multi-purpose arena located in Miami, Florida, along Biscayne Bay. It was constructed beginning in 1998 as a replacement for the Miami Arena and designed by the architecture fir ...

History and growth

ParkJockey was co-founded by two former

management consultants Management (or managing) is the administration of an organization, whether it is a business, a nonprofit organization, or a government body. It is the art and science of managing resources of the business. Management includes the activities o ...

in Chicago. Having diagnosed a number of inefficiencies in the parking industry, they lay the foundation of ParkJockey with a website for paying for off-street parking spaces. In 2013, ParkJockey raised $1.8 million in

angel investment An angel investor (also known as a business angel, informal investor, angel funder, private investor, or seed investor) is an individual who provides capital for a business or businesses start-up, usually in exchange for convertible debt or owners ...

to develop a mobile app and has formally launched its services later in the year. Seeing a potential for growth in

Europe Europe is a large peninsula conventionally considered a continent in its own right because of its great physical size and the weight of its history and traditions. Europe is also considered a Continent#Subcontinents, subcontinent of Eurasia ...

, ParkJockey launched its

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

office in 2014 to serve all of the U.K. market. Since then, the company has undergone further investment rounds and has grown to become a B2B

real estate technology Property technology (also known as proptech, PropTech, prop-tech, and real estate technology) is used to refer to the application of information technology and platform economics to the real estate industry. Property technology overlaps with financ ...

platform offering landlords and parking operators hardware and software to manage and optimize parking operations, including

big data Though used sometimes loosely partly because of a lack of formal definition, the interpretation that seems to best describe Big data is the one associated with large body of information that we could not comprehend when used only in smaller am ...

services. It is headquartered in

Miami Miami ( ), officially the City of Miami, known as "the 305", "The Magic City", and "Gateway to the Americas", is a East Coast of the United States, coastal metropolis and the County seat, county seat of Miami-Dade County, Florida, Miami-Dade C ...

, with operations across the

U.S. The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...

and the U.K. On December 3, 2018, financial and technology news media reported that

Softbank Group is a Japanese multinational conglomerate holding company headquartered in Minato, Tokyo which focuses on investment management. The Group primarily invests in companies operating in technology, energy, and financial sectors. It also runs the ...

and

Mubadala Mubadala Investment Company PJSC ( ar, شركة مبادلة للاستثمار), or simply Mubadala, is an Emirati state-owned holding company that acts as a sovereign wealth fund. The company was established in 2017 when then-named Mubadala Dev ...

have recently bought stakes in ParkJockey, primarily to finance planned acquisitions of

parking lot A parking lot (American English) or car park (British English), also known as a car lot, is a cleared area intended for parking vehicles. The term usually refers to an area dedicated only for parking, with a durable or semi-durable surface ...

operators, with the total investment amount approximated to be between $800 million and $1 billion. ParkJockey changed their name to REEF technology in 2019.

Partnerships

Ticketmaster In January 2015, ParkJockey announced a partnership with the largest ticket sales company, Ticketmaster. The exclusive partnership is currently limited to the U.K. market. Miami Heat and FTX In December 2014, ParkJockey became the official parking provider for the

NBA The National Basketball Association (NBA) is a professional basketball league in North America. The league is composed of 30 teams (29 in the United States and 1 in Canada) and is one of the major professional sports leagues in the United St ...

franchise HEAT Group. For all Miami HEAT games and other events (e.g., concerts) at the

, ParkJockey provides parking spaces in advance. PaybyPhone ParkJockey and PayByPhone (subsidiary of

PayPoint PayPoint plc is a British business offering a system for paying bills in United Kingdom, Ireland and Romania. It is listed on the London Stock Exchange. History The PayPoint network was set up in 1996 with the aim of enabling customers to load g ...

, LSE: PAY) announced a mutually exclusive partnership in late 2015. The companies decided to blend their services in order to provide better assistance for their customers. ResDiary ResDiary, online reservations system, partnered with ParkJockey in 2015. ParkJockey provides parking for the customers who book their restaurant reservations through ResDiary. Odeon Cinemas ParkJockey partnered with

Odeon Cinemas Odeon, stylised as ODEON, is a cinema brand name operating in the United Kingdom, Ireland and Norway, which along with UCI Cinemas and Nordic Cinema Group is part of the Odeon Cinemas Group subsidiary of AMC Theatres. It uses the famous name of ...

in 2014. The company offers parking for Odeon customers who would like to have their parking space reserved along with their cinema tickets.

Charitable activities

ParkJockey has made financial contributions to

Phil Collins Philip David Charles Collins (born 30 January 1951) is an English singer, musician, songwriter, record producer and actor. He was the drummer and lead singer of the rock band Genesis and also has a career as a solo performer. Between 1982 and ...

' Little Dreams Foundation and

The Gurkha Welfare Trust The Gurkha Welfare Trust is a British charity (Reg. Charity No. 1103669) established in 1969. It is the principal UK charity for the provision of aid to Gurkha ex-servicemen and their dependants in their homeland of Nepal, and increasingly in t ...

, and supported the

It Gets Better Project It Gets Better is an Internet-based 501(c)3 nonprofit with a mission to uplift, empower, and connect lesbian, gay, bisexual, transgender, and queer (LGBTQ+) youth around the globe. It was founded in the United States by gay activist, author, m ...

during the 2015

Pride Week LGBT pride (also known as gay pride or simply pride) is the promotion of the self-affirmation, dignity, equality, and increased visibility of lesbian, gay, bisexual, and transgender (LGBT) people as a social group. Pride, as opposed to sh ...

References

{{reflist Online companies of the United States Companies based in Miami Privately held companies of the United States Parking companies IOS software American companies established in 2013 2013 establishments in Illinois