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Parking and merchant payment card company Parcxmart Technologies Inc. has landed $476,000 of a planned $702,000 angel investment round, and just like its last funding almost one year ago, much of the money will go to Fort Lauderdale, Fla.
According to John Regan, CEO and founder of Parcxmart, the Sunshine State city has been so successful with the first 2,900 single-space parking meters that it installed, which use the Parcxmart payment card, it is installing another 2,900.
And Fort Lauderdale soon may not be the Hampton Falls, N.H. company’s only deployment in Florida.
“We’re also in the final process of discovering whether or not we are going to be winning an RFP from Tampa,” Regan said.
If Tampa becomes a client, it would join Fort Lauderdale; Truckee, Calif.; and the Connecticut cities of New Haven, West Hartford and Bridgeport as Parcxmart customers. “We are also in ongoing conversations with Somerville, Lawrence, Brookline and Portland, Maine,” said Regan.
To attempt to land Tampa’s 2,000 parking-meter deployment, Parcxmart has teamed up with meter manufacturer J.J. MacKay Canada Ltd. and bank card processor Heartland Payment Systems Inc.
The stored-value payment card that Parcxmart supplies is not limited to use on parking meters, and Regan sees growth potential in its use as a community merchant card as well. Parcxmart is about to roll out a PC-based application for its merchant services, eliminating the need for another dedicated piece of hardware, said Regan. That will give it greater access to restaurants, one area that has been tough to crack.
Another feature Parcxmart is adding is the ability to load value online, Regan said. Right now, a card user goes to a merchant to add value to a card, but the new feature will go live by the end of the fourth quarter.
Parcxmart Technologies Inc.
Business: Parking and merchant stored-value payment systems
Location: Hampton Falls, N.H.
CEO: John Regan
Employees: Six
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