Metropolis Technologies raises $167m in its Series B funding round
By Joy Dumasia
Metropolis Technologies, the mobility commerce platform powered by advanced computer vision and a proprietary machine learning system, announced a $167 million Series B capitalization. 3L Capital and Assembly Ventures co-led the round, with participation from leading growth equity investors Dragoneer Investment Group, Eldridge, Silver Lake Waterman, and UP Partners, among others.
Metropolis enables members to drive in and out of parking facilities without fumbling for credit cards or phones at hundreds of properties across the country. The platform also connects members to promotions and discounts with the surrounding business community, creating new economic opportunities for thousands of local merchants. By connecting transportation, neighbourhood commerce, and payments for the first time, Metropolis is bringing the ease of digital transactions to a range of use cases in the physical world.
“By bringing urban mobility infrastructure online, we are knitting disconnected parts of the everyday journey into a remarkable experience,” said Alex Israel, co-founder and CEO of Metropolis Technologies. “The seamless transactions we take for granted in e-commerce are largely absent from real life, but Metropolis’ computer vision technology is changing that one commute, one-morning coffee, one grocery run at a time. Thanks to this incredible vote of confidence from our investors, Metropolis is leading the charge to power the future of urban commerce.”
Metropolis facilitates drive-in and drive-out payment for nearly two million members, operates more than 600 parking lots and garages, and partners with thousands of grocery stores, coffee shops, and other local merchants. Since its Series A capitalization in February 2021 – and in the middle of the COVID-19 pandemic, which reduced most urban commerce to near-zero – Metropolis has seen 28x user growth and is now operational in more than sixty cities.
Leading investors in urban infrastructure and technology also joined the round, including former Deputy Mayor of New York City Dan Doctoroff, DivcoWest, Moving Capital (the Uber Alumni Syndicate), RXR Realty, and Zigg Capital.
Other notable investors joining the round include Benenson Capital, the Gideon Hixon Fund, Halogen Ventures, King River Capital, and Slow Ventures. Most investors in the Series A round exercised pro-rata or super pro-rata rights in the Series B round.
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