Announcing my investment in AirGarage, the first API for physical space starting with parking lots
“This land is your land, this land is my land From California to the New York island From the Redwood Forest, to the gulf steam waters This land was made for you and me”
As the old song reminds us, America is a land filled with forests, streams and wide open spaces from sea to shining sea.
But if we’re honest, the average American sees more potholes than palm trees on any given day.
In urban metro areas, parking lots cover up ⅓ of the land area, becoming the single more salient landscape feature of our built environment.
Los Angeles alone has 18.6 million parking spaces, which adds up to 17,020,594 square meters of land.
This adds up to more than three parking spaces for every vehicle in the city.
For business owners, parking spaces and larger lots are underutilized assets.
Hotels in particular require fewer parking spaces for guests as 52% of all work-related ground transport is now booked through ride-sharing apps.
Moving outside of cities, we see sprawling church parking lots, university campuses and industrial parks in suburban and rural areas.
In these regions, there is more available land than demand for parking, which create larger spaces for public use such as school fundraisers and community events.
But renting the space requires additional bookkeeping and vendor management to both maintain the space and get paid for each event.
This is why today, I am thrilled to announce my investment in AirGarage as part of a round co-led by Founders Fund and Floodgate with support from Ryan Delk, Ryan Hoover and other angels.
AirGarage is a real estate company building the first API for physical space starting with parking lots.
Organizations of every kind including churches, hotels and businesses use AirGarage to handle lot enforcement, payments, and visitor registration. It’s an easy way to passively earn extra income by renting out their unused space.
For consumers, this means fewer parking monopolies, more available spaces at better rates, especially in urban metro areas during periods of peak demand such as conferences and sporting events.
The AirGarage founders embody what it takes to build a disruptive real estate technology company with a deep understanding of the problem today, aligned incentives for landowners and consumers, and a technology layer that serves as foundational infrastructure for new companies such as cloud kitchens, pop-up retail experiences and group based fitness activities.
In a world that’s increasingly multi-modal with bikes, scooters, one-wheels and more, AirGarage is well positioned to help landowners unlock revenue from parking today and create entirely new experiences for everyday people in years to come!
If you’re a landowner who wants to make extra money for your space, schedule a demo to learn more.