Key Highlights
- Uber Technologies is purchasing parking reservation platform SpotHero in an undisclosed transaction.
- SpotHero’s parking booking functionality will be embedded directly within Uber’s main application.
- The acquisition brings more than 13,000 parking facilities spanning 400+ North American metropolitan areas.
- Uber One subscription members are set to gain exclusive parking advantages from this partnership.
- Regulatory clearance is pending, with the transaction targeted for completion during H1 2026.
Uber Technologies has announced its intention to acquire SpotHero, a Chicago-headquartered parking reservation service, as part of its strategy to broaden platform capabilities.
Uber is buying parking reservation app SpotHero, the latest move by the rideshare company to expand its customer base https://t.co/yLAO4xpMIA
— Bloomberg (@business) February 24, 2026
The companies have not revealed the acquisition price. According to Uber’s statement, the transaction awaits regulatory clearance and is anticipated to finalize during the first six months of 2026.
Founded in 2011, SpotHero operates a network encompassing over 13,000 parking facilities including garages, surface lots, and valet services throughout more than 400 municipalities in the United States and Canada.
The companies intend to develop an integrated “parking reservation experience, powered by SpotHero” that will function natively within Uber’s mobile application.
Dara Khosrowshahi, Uber’s Chief Executive Officer, positioned the acquisition as catering to consumers who prefer personal vehicle transportation over ride-sharing services. “SpotHero on the Uber app will make the experience easier than ever, and bring more people into the Uber ecosystem,” he stated.
Subscribers to Uber One — the company’s premium membership program — are slated to receive parking-related benefits, although no specific implementation timeline has been announced.
Mark Lawrence, SpotHero’s Chief Executive, emphasized that the Uber partnership would expand the platform’s reach to millions of additional motorists. He characterized the integration as making “parking a natural part of the Uber platform.”
SpotHero’s most recent external funding round occurred in 2019, when Macquarie Capital led a $50 million investment.
Platform Diversification Strategy
The SpotHero deal represents another chapter in Uber’s ongoing diversification beyond traditional ride-hailing into food delivery, grocery services, retail partnerships, and logistics operations. Parking reservations now join this expanding portfolio.
Uber currently maintains a market capitalization of approximately $146 billion. By comparison, competitor Lyft holds a valuation exceeding $5 billion, while delivery rival DoorDash commands a market cap above $71 billion.
In recent weeks, Uber reported fourth-quarter revenue figures that exceeded analyst expectations. Nevertheless, the company’s conservative profit outlook for the upcoming quarter triggered a negative stock response.
Uber’s delivery division drove Q4 revenue expansion, with growth extending beyond restaurant ordering into grocery and general retail fulfillment.
Transaction Details
Uber has not disclosed the financial terms of the SpotHero acquisition. The parking startup had remained quiet on fundraising activities following its 2019 financing round.
Following Monday’s announcement, Uber shares gained 0.35% during after-hours trading sessions.
The acquisition remains subject to regulatory examination, with both companies targeting a completion date prior to the end of June 2026.
