Welcome!

News Feed Item

Pango™ Closes $6.5 Million Financing Round

New funding fuels rapid market growth and new R&D innovation

NEW YORK, Feb. 27, 2014 /PRNewswire/ -- Pango Mobile Parking, Ltd, the leading mobile parking payment company with headquarters in Kadima, Israel and New York City, New York, announced today that it has closed an investment round which will provide the company with up to $6.5 million in new funding.  Bearing Capital Ltd. and existing shareholders led the round.  Proceeds from the round will be used to fund rapid growth and the development of next-generation smart parking applications. 

"We have witnessed how use of the Pango platform changes the parking experience of drivers in a meaningful way and are excited to join Pango as we roll out this platform on a broad scale" said Mark Fischer, CEO of Bearing Capital. "We understand that the parking industry and consumers alike are ripe for change to implement new and more convenient parking payment systems. We are thrilled to be part of the Pango solution which offers unprecedented technological innovations that are first and foremost consumer focused. "

Pango recently launched their service offers in Alexandria, Virginia and Scranton, Pennsylvania with on-street/municipal cellular parking services and in New York City in private garages.  Additionally, Pango offers parking garage locator services, valet parking, and location-based coupons.

"Cities and private parking operators are adopting the Pango Platform at light speed because they see the tangible results provided by the service: consumer convenience, increased revenues, reduced costs, and real time parking information," said Neil Edwards, President of Pango. "The Bearing Capital investment along with the continued support of our existing shareholders provides the resources required to facilitate an expedited expansion platform across North America."

Pango's technology was invented in 1996 and that same year received international patents including U.S. patent number 5,940,481.   Pango's technology launched across Israel in 2007 and currently boasts over 800,000 users recording over 2 million monthly parking transactions. The Company's technology is currently licensed and in use in the Israeli market, the Czech Republic, Germany, Greece, and Poland.   The investment will be used to further the development of our innovative mobile parking application introducing new features using cutting-edge technology.

Zion Harel, CEO of Pango Mobile Parking Ltd., said,  "We welcome Bearing Capital to the Pango family and together with our current investors Pango will continue to lead the technological revolution in the parking market by offering unprecedented convenience to consumers and tangible benefits to municipalities and parking garage operators.  We are keenly focused on changing the current dynamics of the parking landscape, one driver at a time." 

About Pango Mobile Parking: Pango is the world's first smart parking app provider offering mobile and location based services.  Its offerings include mobile payments for on-street parking, gated parking, valet, and fleet parking. Pango offers real time enforcement and traffic analytics. The Pango system also integrates location-based coupons into the app.    It is in use in 47 cities worldwide, serving more than 800,000 active accounts, and processing approximately 2 million transactions monthly. Invented in 1996, Pango received patents (US Patent No. 5,940,481) for this first-of-its-kind technology in the United States, China, Hong-Kong and Israel; it has been in use since 2006. For more information on how to bring PangoUSA to your city, please visit PangoUSA.com or contact by email info@pangousa.com.

About Bearing Capital: Bearing Capital is private investment firm dedicated to investing in innovative consumer-focused companies.  Bearing is committed to partnering with exceptional entrepreneurs working to address key market needs. Bearing's management team brings a wealth of experience to work with our portfolio companies in providing strategic, operational and financial advisory to drive growth.

Contact: Mimi Richman, 212-580-0835, mimi@rcourihaycpr.com

SOURCE Pango Mobile Parking, Ltd

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Peak 10 has announced that it has completed a 20,000 square foot expansion of its Cincinnati-area data center, a 6,000 square foot expansion of its data center campus in Charlotte’s University Research Park, and added a pair of seasoned executives to its leadership team. This further propels the company on its aggressive growth trajectory to meet the rising demand for flexible hybrid IT strategies and solutions across its enterprise customer base. Cincinnati is home to companies like Kroger, Pr...
VeriStor Systems has announced that CRN has named VeriStor to its 2017 Managed Service Provider (MSP) 500 list in the Elite 150 category. This annual list recognizes North American solution providers with cutting-edge approaches to delivering managed services. Their offerings help companies navigate the complex and ever-changing landscape of IT, improve operational efficiencies, and maximize their return on IT investments. In today’s fast-paced business environments, MSPs play an important role...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in ...
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
"Peak 10 is a national cloud data center solutions managed services provider, and part of that is disaster recovery. We see a growing trend in the industry where companies are coming to us looking for assistance in their DR strategy," stated Andrew Cole, Director of Solutions Engineering at Peak 10, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.