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SpotHero announced $50 million in Series D funding led by Sydney, Australia-based Macquarie Capital, bringing the Chicago-based digital parking company’s total funding to date to $118 million. Union Grove Venture Partners participated in the round, along with existing investors including Insight Venture Partners, Global Founders Capital, OCA Ventures, AutoTech Ventures and others.

The new capital is expected to be used to accelerate marketplace growth, expand the digital platform for the parking industry, strengthen partnerships with leading mobility companies and deepen SpotHero’s technology stack to standardize and optimize access to parking throughout North America.

SpotHero has emerged as a leader in the digital transformation of the $20 billion off-street parking industry with hardware and software solutions aimed at drivers, parking operators and property owners, and mobility partners. The company offers the largest place to buy and sell parking in North America and has helped digitize nearly 7,000 parking facilities in the U.S. and Canada. SpotHero’s consumer products help millions of drivers find, book and access parking, while the SpotHero developer platform and API powers parking at scale for fleets, connected cars, and urban mobility apps.

The company has reached $500 million in all-time sales and projects that it will surpass $1 billion in all-time transactions within the next year.

“By standardizing the way parking is bought and sold, we are introducing the same visibility into parking inventory that people expect from the airline or hospitality industries,” SpotHero CEO and Co-Founder Mark Lawrence said in a statement. “That's a big win for drivers, but there’s still a lot of work to be done to modernize parking. Together with our network of more than 1,000 operator and platform partners, and our new and existing investors, we look forward to bringing this next phase of industry growth to life.”

Macquarie Capital Senior Vice President Lucas Joynt added: “SpotHero is in position to transform the entire parking industry and has built a foundation to support the future of mobility for a long time to come, including the movement towards shared use and EV fleets. SpotHero’s leadership position makes the company an attractive investment for Macquarie Capital as we continue to drive innovation at the intersection of infrastructure, real estate and technology. We look forward to supporting SpotHero as it scales to its next phase of growth.”