Uber (UBER) Expands Platform with SpotHero Parking App Acquisition

Key Takeaways

Table of Contents

Uber has announced the acquisition of SpotHero, a parking reservation platform, for an amount not publicly revealed.
The SpotHero service will become a native feature within Uber’s main application for booking parking spaces.
The transaction encompasses over 13,000 parking facilities spanning more than 400 cities throughout the United States and Canada.
Subscribers to Uber One will gain access to exclusive parking advantages following integration.
Completion of the transaction is anticipated during the first six months of 2026, contingent upon regulatory clearance.

Uber has entered into an agreement to acquire SpotHero, the parking reservation platform headquartered in Chicago, as part of its strategy to broaden service offerings within its ecosystem.

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 purchase price remains undisclosed. The company indicated that finalization of the acquisition is projected for the initial half of 2026, contingent on receiving regulatory clearance.

Uber Technologies, Inc., UBER

Founded in 2011, SpotHero maintains a network of parking options at over 13,000 facilities including garages, surface lots, and valet services throughout more than 400 metropolitan areas in the United States and Canada.

The strategic objective involves creating a “parking reservation experience, powered by SpotHero” that will be seamlessly integrated into Uber’s primary application.

Dara Khosrowshahi, the company’s CEO, positioned the acquisition as catering to consumers who prefer driving their own vehicles rather than using ride-hailing 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 integrated into their subscription, although the company has not specified when these features will launch.

Mark Lawrence, CEO of SpotHero, expressed enthusiasm about the partnership, noting it would provide access to millions of additional users. He characterized parking as “a natural part of the Uber platform” when describing the combined vision.

SpotHero’s most recent external investment occurred in 2019 — a $50 million financing round with Macquarie Capital serving as the lead investor.

Diversification Beyond Core Ride-Hailing Services

This acquisition represents another step in Uber’s ongoing diversification strategy that has already encompassed food delivery, grocery services, retail partnerships, and freight logistics. Parking now joins this expanding portfolio.

Uber’s current market capitalization stands at approximately $146 billion. By comparison, competitor Lyft maintains a valuation slightly above $5 billion, while DoorDash — its primary competitor in the delivery sector — commands a valuation exceeding $71 billion.

Recently, the company reported fourth-quarter revenue figures that surpassed analyst expectations. Nevertheless, shares declined following the earnings announcement due to conservative profit forecasts for the upcoming quarter.

The delivery division drove revenue expansion in Q4, with growth extending beyond restaurants into grocery and general retail categories.

Financial Details of the Transaction

Uber has not disclosed the acquisition price for SpotHero. The startup had not publicly announced additional funding rounds since its 2019 capital raise.

Shares of Uber increased 0.35% during after-hours trading Monday following the acquisition announcement.

The transaction awaits regulatory approval, with completion targeted for no later than June 2026.