U.S. Markets closed

REEF Technology Unveils Plan to Transform Parking Facilities into Multipurpose Hubs for the On-Demand Economy

MIAMI--(BUSINESS WIRE)--

With more than 4,500 locations, REEF – backed by SoftBank Vision Fund and Mubadala Investment Company – will serve businesses, consumers and cities through tech-forward hubs that leverage proximity to move on-demand goods and services more efficiently

More than a dozen companies across multiple uses plan to partner with REEF at launch

REEF Technology, the ecosystem that connects the world to your block, today announced its plan to transform parking garages and lots across the U.S. into thriving hubs for the on-demand economy. REEF Technology, formerly known as ParkJockey Global, is now the largest parking network in North America with more than 4,500 locations. Supported by SoftBank Vision Fund and Mubadala Investment Company (MIC), REEF will create tech-forward hubs that connect businesses, cities and those who live there, while enabling the efficient, frictionless movement of on-demand goods and services.

With the surge in the sharing and on-demand economy, REEF sees the potential to future-proof parking structures while simultaneously addressing our cities’ challenges—extreme congestion and the ensuing pollution, high costs for businesses to expand, and residents’ growing need for quick delivery of goods and services. REEF hubs will house a collection of businesses and services specific to the needs of neighborhoods, all of which bring solutions to the challenges amassing in our largest cities and leverage REEF’s proximity to the community.

“At REEF, we believe a parking lot should be more than a place to store your car. Rather, it can be a hub for the community, connecting people to the businesses and services that keep us all moving forward,” said Ari Ojalvo, co-founder and CEO of REEF Technology. “REEF will completely transform what people, cities and businesses can expect from parking garages, in the same way the introduction of smartphone apps completely changed the way we think about cellphones. Accelerated urbanization has created a huge problem set that needs to be addressed urgently, and hubs will bring immense opportunity for growth, experimentation and versatility to improve our communities.”

“REEF is transforming urban parking infrastructure into modern tech-enabled logistics hubs and rejuvenating local economic vibrancy in the process,” said Michael Ronen, Managing Partner at the SoftBank Vision Fund. “The company is creating opportunities to work with last-mile delivery companies, such as Uber, DoorDash, GetAround, Nuro and others, to align interests and create win-win situations for all parties involved.”

With the tremendous growth of on-demand food delivery, the company has created last-block, delivery-only REEF KITCHENS as a key component of the hubs. Restaurants partner with REEF KITCHENS to open and quickly expand their businesses while also providing more food options and faster delivery at a lower cost to customers. State-of-the-art kitchens are housed in proprietary containers, with each one able to accommodate from one to five restaurant brands or concepts. Restaurants can run operations directly or contract with REEF to staff and prepare delivery-only menu items. REEF KITCHENS have launched successful operations in Miami and London with plans to open several hundred operational kitchens across leading markets in North America and the U.K.

“There’s explosive growth and opportunity in the food delivery business,” said Aziz Ihsanoglu, REEF Technology co-founder and head of strategy. “Based on the success of our REEF KITCHENS in the U.K. and Miami, we’re confident restaurants and consumers will enjoy the possibilities our business creates.”

In addition to the kitchens, the REEF hub ecosystem includes several businesses, with more than a dozen companies partnering with REEF at launch, introducing urban mobility hubs into city life. These businesses include electric bike and scooter rental companies, on-demand aviation businesses and peer-to-peer car rentals. In addition, the company is in advanced discussions with micro fulfillment centers and is creating rideshare car buffering zones that reduce congestion, where drivers can also access services like car detailing and maintenance within the hub.

"Thanks to REEF's connected network of smart parking real estate, we now offer Proximity as a Service to our partners - allowing them to reach customers in new ways and unlocking revenue streams for landlords. Our technology platform can quickly adapt real estate to new uses by providing real-time, customized interactions for each person, vehicle and space,” said REEF Technology co-founder and SVP of product Philippe Saint-Just.

Ojalvo has assembled a team of top global industry executives to shape and oversee REEF, including former leaders at Twitter, UberEats, Starbucks, Darden, Brinker, IBM and Westfield.

To learn more about REEF, visit: www.REEFtechnology.com

About REEF Technology

REEF Technology is the ecosystem that connects the world to your block. Formerly known as ParkJockey Global, its goal is to transform parking garages and lots across the U.S. into thriving community hubs. Supported by SoftBank Vision Fund and MIC, REEF will connect businesses, cities and those who live there, while enabling the efficient, frictionless movement of on-demand goods and services.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20190625005172/en/