Tech startup ParqEx’s CEO and founder, Vivek Mehra, pitches at the Techweek Chicago Launch Competition 2016.
Founded in 2014, ParqEx is a Chicago-based peer-to-peer parking technology platform that enables individuals and businesses to rent out their parking space on an hourly, daily, weekly, or monthly basis. The company was a part of the 2016 cohort of Elmspring, a real estate and housing technology accelerator. The ParqEx team is led by Vivek Mehra and Matthew Schaefer, COO.
Other key points on the company:
The market for parking in Chicago is worth between $1B to $3B, with a sharing economy of $100M to $300M. ParqEx estimates that its market share will be between $8M and $12M in the next three years. Nationwide, the market for parking is around $25B to $30B with the sharing economy component worth $2.5B to $3B. ParqEx hopes to reel in $250M to $300M.
ParqEx generates revenue by charging a 20% commission to the customer and a $1 transaction fee to the renter. It also offers its Access+ service at $3 per month. In its first 3 months, the company grossed $12K in revenue.
The company launched its first MVP in 2015. It has made strategic partnerships with Zipcar and Luxe. Today, ParqEx has more than 20,000 monthly users and 150,000 social media followers.
Below are some of the key points and moments from the conversation:
- 0:05 – ParqEx, the Airbnb for parking, taps into the marketplace that connects individuals looking to rent out parking space to car owners
- 1:02 – ParqEx makes revenue by taking 20% commission from owners and $1 from the renter, and charges $3 per month for its Access+ service
- 1:27 – ParqEx’s market is estimated to be $8M to $12M over the next 3 years
- 2:22 – A strong support team, tech-centric product, and its unique market strategy helps ParqEx reel in new customers
- 2:54 – ParqEx was founded in 2014, launched Access+ in 2015, and formed strategic partnerships with Zipcar and Luxe
- 4:02 – The team at ParqEx is made up of Vivek Mehra, Matthew Schaeffer, Dan Erenberg, Danny Weiss, and Brad Martin
- 5:15 – Q&A – What is the significance of $50,000 recurring revenue milestone?
- 5:54 – Q&A – How do you tackle the issue of security, as access to a parking space means access to a home?
- 6:40 – Q&A – Is the technology of opening the garage door with an app proprietary?
- 6:54 – Q&A – Do you plan to white label the technological relations you have with other companies?