PassportParking Inc. looks to enhance the uses of bitcoin by allowing people to pay the parking meter with the digital currency. The Charlotte, North Carolina company gives users a one stop, cloud-based command center for cities, universities and private operators to be able to oversee parking and ticketing management.
The company was founded by Bob Youakim in 2010. Yoakim was a former investment banking vice president for Wells Fargo Securities. Youakim’s cousin, Charlie Youakim, assisted with the design and development of the many electronics systems used by urban parking decks.
In December 2013, the company secured $6 million in its first round of venture financing. At that time, there were only 15 employees working at Passport Parking Inc.
The financing was led by Grotech Ventures, a venture capital firm from Washington D.C. Bob Youakim remains enthusiastic about the financing, which has ultimately led his company to where it is today.
PassportParking Inc. is a way for the Youakim cousins to modernize parking.
The company has made its presence felt in over 35 states, and with its development team in India. They also have an office in the South-end of North Carolina. It has high-profile clients from Chicago, Detroit, Omaha and Ashville and California’s Parks and Recreation Department.
The bitcoin parking meter company looks to provide a faster and easier parking process through use of their technology. All aspects of the parking process have been condensed into one place, giving providers a smoother parking system.
After registering with the company, users have the ability to see all parking history receipts, receive parking discounts and session expiration reminders. Parking meters can be extended regardless of where a person is.
Bob Youakim says that the Silicon Valley isn’t the only place where venture capitalists are investing in bitcoin startups. He says:
“We’re all chips in on Charlotte. We couldn’t have a better place.”
Click for Map.