Metropolis Raises $1.7 Billion

Metropolis is an innovative startup that offers a seamless solution to the parking challenges in cities. By deploying a network of sensors and cameras across the city, Metropolis can accurately identify and monitor available parking spaces in real-time. This real-time data is then made accessible through their user-friendly mobile application, allowing drivers to effortlessly navigate to the nearest available parking spot.  Through the mobile app, users can reserve and pay for parking spaces in advance, ensuring a stress-free arrival at their destination.

Metropolis will take logistics firm SP Plus private in a deal worth approximately $1.5 billion. This represents a premium of about 52% to SP Plus’ closing stock price on Oct. 4. To finance the deal, Metropolis is raising $1.7 billion in debt and equity led by Eldridge and 3L Capital, along with participation from new investors including BDT & MSD Partners’ affiliated credit funds, Vista Credit Partners and Temasek. Metropolis has raised $1.05 billion through a Series C offering and $650 million of debt financing.

Metropolis, Los Angeles, California, United States, was founded in 2017 by Alexander Israel, Courtney Fukuda, Peter Fisher, and Travis Kell. Metropolis aims to create a network of parking options that seamlessly integrate into the existing urban infrastructure

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