Uber has announced the acquisition of SpotHero, an app developer that provides parking reservation services in downtown areas, sports events and concert venues. The specific terms of the deal were not announced, but Uber said on Monday that it plans to launch a "parking reservation service" powered by SpotHero within its own app to help users find parking spaces for events, various venues and airport travel.
Uber CEO Dara Khosrowshahi said in a statement: "When people choose to drive themselves, the SpotHero feature in the Uber app will make the experience more convenient than ever and attract more users to join the Uber ecosystem."
Earlier this month, Uber announced that its fourth-quarter revenue exceeded market expectations, but it lowered its profit guidance for the period, causing the company's stock price to fall. The most eye-catching segment of Uber's revenue growth in this quarter was the delivery business. This business initially only covered catering delivery, but has now expanded to the field of fresh food and retail goods delivery.
By continuing to expand into new markets and regions, Uber has become the leading company in the US online ride-hailing industry, with a current market value of US$146 billion; while its competitor Lyft has a market value of just over US$5 billion. In the field of food delivery, Uber also faces fierce competition from companies such as DoorDash, which has a market value of more than $71 billion.
SpotHero last announced external funding in 2019, when it raised $50 million in a round led by Macquarie Capital. Founded in 2011, the Chicago-based company now operates more than 13,000 garages, lots and valet spots in more than 400 cities across the United States and Canada.
SpotHero CEO Mark Lawrence said in a statement: "Working together with Uber will allow our parking services to reach millions more self-driving owners and make parking services a native feature of the Uber platform."
Uber said the acquisition, which is subject to regulatory approval, is expected to close in the first half of 2026.