It’s Not About Parking
We at Trinity were fortunate to co-lead ZIRX’s Series A round last year. Our thesis then and now has been that parking in most cities sucks and the experience of parking has been innovation-free for far too long. Parking lots are shabby places, managed by folks who overcharge you for the privilege of treating you badly. All of us have experienced the discomfort of walking into a parking lot late in the evening to pick up our car. It can range from unpleasant to downright scary. ZIRX fixed this by making sure that you never visit a parking lot again. ZIRX’s friendly (and background checked) valets pick up your car from anywhere in their service area, and zip it back to you at the end of your visit, wherever you may have ended up. All this for less than the price of parking your car in most commercial garages!
No more looking for parking. No more dealing with parking attendants, tickets, stairwells, credit cards and cash. No more walking through lonely streets and parking lots late at night wondering where you parked your car. Just ZIRX it and you’re done.
It is no surprise then that the ZIRX value proposition has a lot of appeal. The company has grown amazingly fast in every one of its markets, with hundreds of drivers signing up for a monthly subscription so they never have to park again. ZIRX has transformed the experience of parking for tens of thousands of people. But the transformation of parking is just the beginning.
When ZIRX launched, the company was already envisioning offering other time-saving, car-related services. Fuel ups, oil changes, tire rotations, and regular maintenance eat up hours of time per year — extra-frustrating when you consider how many hours your car is sitting parked somewhere already. ZIRX offers many of these services already, with more coming, so you can save time and get the most out of a visit. But the vision doesn’t end there. Your car is an extension of your home — a mobile piece of real estate that protects your belongings and helps you get things done. When you hand over this “real estate” to ZIRX for a few hours, what other conveniences can we introduce? Did you forget to get flowers for your significant other? They’ll be waiting for you when you get your car back. How about that last minute grocery list? ZIRX can work with services like Instacart to have them packed in the trunk just before you pick it up. Over time, you may even be able to use your “ZIRX address” to have packages delivered to your car, forever ending the anxiety of missed deliveries. When you start to think of ZIRX as a platform and your car as a piece of your real estate all sorts of possibilities emerge.
Given its platform approach, ZIRX had a lot of interest from top investors for its Series B round. Today the company announced an oversubscribed $30M financing. As part of that announcement, ZIRX also announced its expansion plans to new cities. We at Trinity are delighted to be a part of the ZIRX revolution and welcome our friends at Bessemer and others as our new investment partners in ZIRX.