REVIEW: An App That Finds Street Parking For Drivers

Founded in December 2009, Faspark has acquired proof-of-concept with a major car manufacturer and is in a solid position to generate significant revenue from multiple streams of revenue. Currently, the company is in discussions with 3 major car manufacturers.

Key Facts & Information:

  • Faspark’s proprietary algorithm navigates drivers to available street parking in real time based upon probability.
  • Currently, the company has more than 10K users of its software.
  • There are 150MM parking events in the U.S. every day and 30 major car manufacturers in the world.
  • Faspark received 100K to launch a pilot program and test their software with a major car manufacturer.
  • Currently, they are in contract talks with a Fortune 100 car company that manufactures approximately 1MM cars per year.
  • Faspark is in preliminary talks with 2 other major car manufacturers.
  • The company is in preliminary talks with a mobile payment company for parking which operates in 130 cities.
  • The company plans to sell licenses to car manufacturers for $50 per car. A contract with just one of the major car manufacturers can generate more than 50MM in annual revenue.
  • Faspark also sells its software to corporations for $100 per van. There are over 1MM corporate vans in the U.S. Companies such as Comcast and ATT must park their vans several times a day.
  • The software is available on the web and Android and will be on the iPhone shortly. ❒

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