πŸš— Parking Startup Metropolis Shells Out $1.5B for Public Parking Operator SP Plus

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

πŸš— Parking Startup Metropolis Shells Out $1.5B for Public Parking Operator SP Plus

Happy Spooky Season Los Angeles!

πŸŽ‰ We are launching a BRAND NEW referral contest this month! Legendary Zillow, Hotwire, Pacaso, and dot.LA co-founder Spencer Rascoff is looking to get coffee with a dot.la reader, so we’re going to help him out. πŸŽ‰

The contest is simple: whoever refers the most friends to dot.LA using our referral program by October 31st will get a coffee and conversation with Spencer Rascoff, where you can pitch him, get business advice, or just shoot the breeze. This is a great opportunity for any current or future entrepreneur, so good luck referring! β˜•οΈβ˜•οΈβ˜•οΈ

P.S. If you’re not based in LA, you can hop on a Zoom instead πŸ’»

πŸ”¦ Spotlight

LA-based parking tech startup Metropolis is set to buy parking operator SP Plus at a share price of $54.00 per share, a premium of roughly 52% over SP Plus's closing stock price on October 4, 2023, and about 28% above its 52-week high. This acquisition amounts to an estimated aggregate enterprise value for SP Plus of $1.5 billion. πŸ…ΏοΈπŸ“²πŸ€


To finance this acquisition, Metropolis has secured $1.7 billion in a mix of equity and debt, with Eldridge Capital and 3L Capital leading the equity portion. As for deal structure, Metropolis will take on $650 million in debt and $1.05 billion in Series C preferred stock financing. This move represents a significant step towards vertical integration for Metropolis, which is already a major player in the parking industry following its acquisition of Premier Parking in the previous year.

Metropolis, founded in 2017 by serial entrepreneur Alex Israel, enhances existing parking structures with a computer vision system that allows seamless entry and exit for customers without the need for physical payment methods. The acquisition of SP Plus, a publicly traded business with a vast parking footprint across the U.S. and Canada, provides Metropolis with a well-established partner for further growth. The combined entity aims to revolutionize the parking experience by introducing checkout-free payment solutions and expanding its technology to various physical locations beyond parking facilities, including gas and electric vehicle-charging stations, drive-thrus, car washes, and retail stores. Here’s to a future of less congested, more efficient parking structures (looking at you Westfield Century City πŸ‘€).πŸš€πŸš™πŸ’°

🀝 Venture Deals

LA Startups

  • Grow Credit, a platform designed to help users build credit, raised a $10M Series A led by USAA. - learn more
  • Cove, the sustainable packaging startup, raised an oversubscribed $6.6M Series A extension led by Valor Siren Ventures joined by Lupa Systems, Litani Ventures and others.- learn more

LA Funds

πŸ“… LA Tech Calendar

Sunday, October 8th

  • Hack Sunday: Machine Learning Together - Join other AI builders this week at Hack Sunday to explore artificial intelligence! We will discuss some technical topics, work on in-progress projects, and speculate on new ideas for exploration and collaboration.

Monday, October 9th

  • Adobe Max - Hangouts & Meetups - Are you going to Adobe Max in person? Interested in meeting Designers from all over the world? Join us to geek over Adobe products and hangout during the conference!
  • LABioTechWeek - Join BioscienceLA for a week of events with the mission to generate regional momentum for collaboration and innovation in the life science and biotech space!

Tuesday, October 10th

  • Adobe MAXβ€” The Creativity Conference - Partake in the three-day annual gathering at the Los Angeles Convention Center of graphic, web, and multidisciplinary designers; creative and art directors; social media content creators; film, video, and motion graphics pros; photographers; and creative leaders.
  • Pasadena Tech Happy Hour - Join other tech enthusiasts at an event where an entrepreneur can find their next lead investor, a designer can showcase their artistry and a developer can demonstrate their technical expertise. This gathering is an opportunity where anyone looking to get involved in their local tech community can find resources to further their vision.

Wednesday, October 11th

  • Founder Fest LA - Join Kamp Wednesday night in Downtown Los Angeles for an event designed for early stage founders to learn, network and pitch their startups.

Thursday, October 12th

Thursday, October 26th

  • Expert DOJO Fall 2023 Cohort Demo Day! - Join Expert Dojo’s fall demo day to learn about the investment opportunities in their 10 newest investments! Sectors vary from artificial intelligence to gaming!

πŸ“™ What We’re Reading

  • Listen to (or read) an engaging conversation between Minnie Ingersoll, Partner at TenOneTen, and Brian Frank, founding general partner at FTW Ventures. In this episode, Brian talks about how everything in the food system can be improved, and how VCs are investing with a technology lens instead of a problem solving perspective. - listen here
  • Amazon, among other prominent enterprises are collaborating with Downtown Los Angeles-based CarbonCapture Inc. in an effort to reduce their carbon footprint. - read more
  • Gently, a Santa Monica-based startup, aims to revolutionize last-mile delivery by establishing localized "nanofulfillment centers" and partnering with brands to offer same-day delivery within a mile, disrupting traditional logistics and gig economy models. - read more
  • Chipotle is exploring food making automation, β€˜bot-rrito’ if you will. - read more
LA’s Upgrade in Travel and NBA Viewing
Image Source: Los Angeles World Airports

πŸ”¦ Spotlight

Exciting developments are underway for Los Angeles as the city prepares for major upgrades in both travel and entertainment. The Los Angeles Board of Airport Commissioners has approved an additional $400 million for the Automated People Mover (APM) at LAX, increasing its total budget to $3.34 billion. This boost ensures the elevated train’s completion by December 8, 2025, with service starting in January 2026. For Angelenos, this means a significant improvement in travel convenience. The APM will streamline connections between parking, rental car facilities, and the new Metro transit station, drastically cutting traffic congestion around the airport. Imagine a future without the dreaded 30-minute traffic delays at LAX! The APM will operate 24/7, reducing airport traffic by 42 million vehicle miles annually and carrying 30 million passengers each year, while also creating thousands of local jobs and supporting small businesses.

Meanwhile, the NBA is also making waves with its new broadcasting deals. The league has signed multi-year agreements with ESPN, NBC, and Amazon Prime Video, marking a notable shift in media partnerships. ESPN will maintain its long-standing role, NBC returns as a network broadcaster after years away, and Amazon Prime Video will provide NBA games through its streaming platform. Starting with the 2025-2026 season, these deals will enhance the league's reach and revenue, aligning with the NBA's goal to expand its audience and adapt to evolving viewing habits. Whether you're catching the action on TV or streaming online, these changes promise to elevate the fan experience and bring more basketball excitement to Los Angeles.


🀝 Venture Deals

LA Companies

  • Pearl, a startup that makes AI-powered software that assists dentists in identifying cavities, gum disease, and other dental conditions, raised a $58M Series B funding led by Left Lane Capital with Smash Capital, and others also participating. - learn more

LA Venture Funds

  • Fulcrum Venture Group participated in a prior $3.5M Pre-Seed Round for Code Metal, a developer tools startup. - learn more
  • B Capital co-led a $12.5M Seed Round for Star Catcher, a startup that aims to develop a space-based grid that captures solar energy in space and distributes it to satellites and other space assets. - learn more
  • Mantis VC and Amplify participated in a $140M Series C for Chainguard, an open source security startup. - learn more
  • Prominent LA venture capitalist, Carter Reum and wife, Paris Hilton, participated in a $14M Seed/Series A for W, the men’s personal care brand from Jake Paul. - learn more

LA Exits


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🀫 The Secret to Staying Fit at Your Desk: 6 Essential Under-Desk Exercise Machines

Health experts are sounding the alarm: our sedentary jobs are slowly killing us, yet we can't abandon our desks if we want to keep the lights on. It feels like we're caught between a rock and a hard place. Enter under-desk exercise machines – the overlooked heroes (albeit kind of goofy looking) of the modern workspace. These devices let tech professionals stay active, enhance their health, and increase their productivity, all without stepping away from their screens. Here are 6 fantastic options that will enhance the way you work and workout simultaneously.

DeskCycle Under Desk Bike Pedal Exerciser

This bike has nearly ten thousand five-star reviews on amazon. It works with nearly any desk/chair setup. It is quiet, sturdy and allows up to 40 pounds of resistance. If you are looking for an under-desk bike this is a fantastic option.

Type: Under-Desk Bike

Price: $180 - $200


Sunny Health & Fitness Dual Function Under Desk Pedal Exerciser

This under-desk bike is extremely quiet due to the magnetic resistance making it an ideal option if you work in a shared space. It doesn’t slip, has eight levels of resistance, and the option to work legs and arms. It’s about half the price of the DeskCycle bike making it a solid mid-range option for those looking to increase their daily activity.

Type: Under-Desk Bike

Price: $100 - $110


Sunny Health & Fitness Sitting Under Desk Elliptical

This under-desk elliptical comes in multiple colors if you really want to underscore that you are a quirky individual, in case an under-desk elliptical isn’t enough. This model is a bit heavy (very sturdy), has eight different resistance levels, and has more than nine thousand 5-star reviews.

Type: Under-Desk Elliptical

Price: $120 - $230


DeskCycle Ellipse Leg Exerciser

This under-desk elliptical is another great option. It is a bit pricey but it’s quiet, well-made and has eight resistance levels. It also syncs with your apple watch or fitbit which is a very large perk for those office-wide β€œstep” challenges. Get ready to win.

Type: Under-Desk Elliptical

Price: $220 - $230


Daeyegim Quiet LED Remote Treadmill

If you have a standing desk and are looking to walk and work this is a fantastic option. This walking-only treadmill allows you to walk between 0.5 to 5 mph (or jog unless you have the stride length of an NBA forward). It is very quiet, which is perfect if you want to use it near others or during a meeting. You can’t change the incline or fold it in half but it is great for simply getting in some extra steps during the work day.

Type: Under-Desk Treadmill

Price: $220 - $230


Sunny Health & Fitness Foldable Manual Treadmill

This under-desk treadmill isn’t the most premium model but it is affordable and has an impressive array of features. It is a manual treadmill meaning it doesn’t need to be plugged in; it is foldable and offers an incline up to 13%. I personally can’t imagine working and walking up a 13% incline but if that sounds like your cup of tea, then I truly respect the hustle.

Type: Under-Desk Treadmill

Price: $150 - $200




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🀠Musk Picks Texas and πŸ”₯Tinder AI Picks Your Profile Pictures

πŸ”¦ Spotlight

Tinder is altering dating profile creation with its new AI-powered Photo Selector feature, designed to help users choose their most appealing dating profile pictures. This innovative tool employs facial recognition technology to curate a set of up to 10 photos from the user's device, streamlining the often time-consuming process of profile setup. To use the feature, users simply take a selfie within the Tinder app and grant access to their camera roll. The AI then analyzes the photos based on factors like lighting and composition, drawing from Tinder's research on what makes an effective profile picture.

The selection process occurs entirely on the user's device, ensuring privacy and data security. Tinder doesn't collect or store any biometric data or photos beyond those chosen for the profile, and the facial recognition data is deleted once the user exits the feature. This new tool addresses a common pain point for users, as Tinder's research shows that young singles typically spend about 25 to 33 minutes selecting a profile picture. By automating this process, Tinder aims to reduce profile creation time and allow users to focus more on making meaningful connections.

In wholly unrelated news, Elon Musk has announced plans to relocate the headquarters of X (formerly Twitter) and SpaceX from California to Texas. SpaceX will move from Hawthorne to Starbase, while X will shift from San Francisco to Austin. Musk cited concerns about aggressive drug users near X's current headquarters and a new California law regarding gender identity notification in schools as reasons for the move. This decision follows Musk's previous relocation of Tesla's headquarters to Texas in 2021.

🀝 Venture Deals

LA Companies

LA Venture Funds

LA Exits

  • Penguin Random House agreed to acquire comic book publisher Boom! Studios from backers like Walt Disney Co. - learn more

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