Nailed it with the name change... A one-syllable word, and the VC cash comes flooding in. Reef, formerly called ParkJockey, just raised an eye-popping $700M to turn underused parking lots into “neighborhood hubs.” Reef leases and manages lots, providing the hardware, software, and electricity needed to transform them into something... less boring.
- Proximity-as-a-service: Reef wants to bring delivery-only kitchens, health clinics, and retail pop-ups to your neighborhood lot.
- It's kind of like WeWork, minus the kombucha on tap and the controversy. Makes sense (or not at all) that WeWork investor SoftBank led this deal.
If you can dream it... you can disrupt it. Reef started as a "disruptor of parking lots" (whoa) with its management business. Now it's a real estate play with 4.8K locations, and plans to grow to 10K with the fresh $$$. Its big focus:
- Ghost kitchens: Restaurants like BurgerFi are using trailers/shipping containers in Reef's lots to dole out deliveries faster.
- Reef has over 100 kitchens in North America, and expects they'll make up “a significant part” of non-parking sales.
Mobility is power... You've probably noticed more "For Lease" signs on Main Street. Brick-and-mortar shops are sadly shuttering because they can't afford rent when sales are barely coming in. Over 100K restaurants have closed since the first COVID shutdowns. Mobile rental units could give restaurants the flexibility to stay afloat and test digital concepts — without the burden of running a full-on storefront.