Metropolis, an AI-powered checkout-free parking platform, has secured $1.6 billion in debt and equity, including a $500 million Series D fundraise, the company announced Thursday.
Los Angeles-based Metropolis says it is now valued at about $5 billion after the Series D raise, which was led by a fund managed by LionTree and included participation from BDT & MSD Partners’ affiliated credit funds, DFJ, Eldridge Industries, Slow Ventures, SoftBank Vision Fund 2, Tekne Capital and Vista.
The company also secured a $1.1 billion term loan from JP Morgan Chase Bank.
With the latest raise, Metropolis has now raised about $3.5 billion in debt and equity since its 2017 inception, per Crunchbase data.
Metropolis has developed a computer vision system that enables drivers to park without using a credit card or even cash. Instead, drivers can use the app and enter information such as name and payment method. Metropolis then tracks the car and charges the owner. It can even email a receipt while they make their way out of the parking lot.
The company says it’s leading “the Recognition Economy,” which it described as “a new age of personalized intelligence where presence replaces devices and credentials as the foundation for a more intuitive, connected and human world.”
It plans to continue expanding into new verticals and new markets with its new capital. The company says it processes more than $5 billion in annual transaction volume at over 4,200 locations. It claims it has “over one million” new members joining per month, and nearly 20 million members total across its network.
“As one of the fastest-growing technology companies in the United States, Metropolis is transforming how people move and transact in the physical world. We’re eliminating friction and repetition and creating recognition at scale ..,” said CEO and co-founder Alex Israel in a release. “As we deploy our technology into retail, hospitality and fueling, Metropolis will go beyond just processing transactions by embedding speed and simplicity into everyday experiences.”
The company has conducted three major acquisitions in recent times. In 2024, Metropolis took logistics firm SP Plus private in a deal worth approximately $1.5 billion. Earlier this year, it acquired Oosto, an AI-powered biometrics startup, for $125 million.
With the acquisition of SP Plus, Metropolis says it went from a 2,000-person company to one with more than 23,000 employees.
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Illustration: Dom Guzman
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