TLDR
- Uber is acquiring parking app SpotHero for an undisclosed price.
- SpotHero will be integrated into the Uber app for parking reservations.
- The deal covers 13,000+ locations across 400+ U.S. and Canadian cities.
- Uber One members will eventually get parking perks as part of their membership.
- The deal is expected to close in the first half of 2026, pending regulatory approval.
Uber is buying SpotHero, the Chicago-based parking reservation app, in a deal that adds another layer to its growing platform.
Financial terms were not disclosed. The acquisition is expected to close in the first half of 2026, subject to regulatory approval.
SpotHero launched in 2011 and lists parking at more than 13,000 garages, lots and valets across more than 400 cities in the U.S. and Canada. Its last known funding round was in 2019 — a $50 million raise led by Macquarie Capital.
The plan is to embed a “parking reservation experience, powered by SpotHero” directly inside the Uber app, targeting commuters, events, venues and airports.
CEO Dara Khosrowshahi said the deal is built around serving users who still choose to drive. “For the moments when people do choose to drive, SpotHero on the Uber app will make the experience easier than ever, and bring more people into the Uber ecosystem,” he said.
Perks for Uber One Members
Uber One subscribers will eventually receive parking benefits as part of their membership. Uber has not given a specific timeline on when that rolls out.
SpotHero CEO Mark Lawrence called the deal a chance to reach millions more drivers. “Joining forces with Uber will allow us to bring that experience to millions more drivers and make parking a natural part of the Uber platform,” he said.
Another Step Beyond Ride-Hailing
The SpotHero deal follows Uber’s expansion into food delivery, groceries, retail and freight. Parking is the latest addition.
Uber’s market cap sits at around $146 billion. Lyft sits at just over $5 billion, and DoorDash — Uber’s main delivery rival — is valued above $71 billion.
Earlier this month, Uber posted better-than-expected Q4 revenue, with its delivery segment leading growth. However, soft profit guidance for the current quarter sent the stock lower after that report.
Uber stock edged up 0.35% in after-hours trading following the SpotHero announcement.
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