Key Takeaways
- Uber has entered an agreement to purchase parking reservation platform SpotHero, with financial details undisclosed.
- The integration will enable parking bookings directly through the Uber application.
- SpotHero’s network spans more than 13,000 parking facilities in over 400 North American cities.
- Uber One subscribers will gain access to exclusive parking benefits through the integration.
- Transaction completion is anticipated during the first six months of 2026, subject to regulatory clearance.
Uber has announced plans to acquire SpotHero, the Chicago-headquartered parking reservation platform, in a strategic move that broadens its service offerings.
The companies did not reveal the purchase price. Completion of the transaction is targeted for the first half of 2026, contingent upon receiving regulatory clearance.
Founded in 2011, SpotHero provides access to parking spaces at over 13,000 facilities including garages, surface lots, and valet services spanning more than 400 metropolitan areas throughout the United States and Canada. The company’s most recent capital injection came in 2019 with a $50 million investment round spearheaded by Macquarie Capital.
The integration strategy involves incorporating a “parking reservation experience, powered by SpotHero” seamlessly within the Uber application, catering to daily commuters, event attendees, airport travelers, and venue visitors.
Dara Khosrowshahi, Uber’s Chief Executive Officer, framed the acquisition as addressing the needs of driving customers. “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 stated.
Enhanced Benefits for Uber One Subscribers
Uber One members will gain access to parking-related advantages as an enhanced membership feature. The company has not yet announced a specific launch date for these benefits.
Mark Lawrence, SpotHero’s Chief Executive Officer, described the acquisition as an opportunity for massive scale expansion. “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 commented.
Continued Platform Diversification Strategy
The SpotHero acquisition represents another chapter in Uber’s ongoing diversification beyond its core ride-sharing business, which already includes food delivery, grocery services, retail partnerships, and freight logistics. Parking now joins this expanding portfolio.
Uber maintains a market capitalization of approximately $146 billion. By comparison, competitor Lyft holds a valuation slightly above $5 billion, while DoorDash — Uber’s primary competitor in the delivery space — commands a market value exceeding $71 billion.
Just weeks ago, Uber reported fourth-quarter revenues that surpassed analyst expectations, with its delivery division driving growth momentum. Despite this, cautious profit projections for the upcoming quarter triggered a stock decline following the earnings announcement.
Following the SpotHero acquisition news, Uber shares gained 0.35% during after-hours trading activity.
