Metropolisthe AI-powered ticketless parking platform has secured $1.6 billion in debt and equity, including a $500 million Series D fundraising, the company announced on Thursday.
Los Angeles-based Metropolis says its valuation is now around $5 billion following a Series D raise led by a fund managed by Lion Tree and included participation from BDT and MSD partnersassociated credit funds, DFJ, Eldridge Industry, Slow ventures, SoftBank Vision Fund 2, The capital of boats AND View.
The company also secured a $1.1 billion term loan from JP Morgan Chase Bank.
With the latest raise, Metropolis has now raised roughly $3.5 billion in debt and equity since its inception in 2017, based on Crunchbase. data.
Metropolis has developed a computer vision system that permits drivers to park without using a bank card or even money. Instead, drivers can use the app and enter information akin to name and payment method. Metropolis then tracks the automobile and charges the owner. It may even send you a confirmation email when they leave the parking lot.
The company claims to be a leader in the “appreciation economy,” which it describes as “a new era of personalized intelligence where presence replaces devices and credentials to form the basis of a more intuitive, connected and human world.”
With the latest capital, it plans to proceed expanding into latest industries and latest markets. The company says it processes greater than $5 billion in transactions annually at greater than 4,200 locations. It claims that “over a million” latest members join every month, and there are almost 20 million total members across the network.
“As one of the fastest-growing technology companies in the United States, Metropolis is transforming the way people move and transact in the physical world. We eliminate friction and repetition and enable recognition at scale…,” said CEO and co-founder Alex Israel in release. “By deploying our technology in retail, hospitality and fuel, Metropolis goes beyond simple transaction processing by incorporating speed and simplicity into everyday experiences.”
Recently, the company has made three large acquisitions. In 2024, Metropolis acquired a logistics company SP Plus private in a deal valued at roughly $1.5 billion. Earlier this yr acquired PurchaseAI-based biometrics startup for $125 million.
Metropolis says that with the acquisition, SP Plus has transformed from a 2,000-person company to a company with greater than 23,000 employees.