Regina parking tech company gets $2.4-million injection, looks to expand to more U.S. universities

KAYLE NEIS /Regina Leader-Post Offstreet founders Kyle Smyth (CTO) and Matt Fahlman (CEO) sit for a portrait inside Offstreet Technology Inc offices on Friday, January 31, 2025 in Regina.

Nykole King

Regina Leader-Post

The two University of Regina graduates who founded the international parking management software company, Offstreet, have come a long way since floating a startup idea 10 years ago.

Last year was a banner year for Offstreet, which doubled its annual revenue in 2024. Matt Fahlman, who founded the company with Kyle Smyth, says they’re on track to do the same in 2025.

“We’re seeing an inflection point where growth is accelerating — more of an exponential curve rather than a linear curve — so we want to continue that path,” said Fahlman, who is now the CEO while Smith has taken on the role of CTO, also known as the chief technology officer.

Fahlman said the company is positioned to reach $10 million in annual reoccurring revenue in the coming years..

Offstreet’s potential for growth was recognized last week with a $2.4-million cash injection in exchange for equity from various venture capital funds.

Regina-based Conexus Venture Capital is the lead investor in the software enterprise, which makes license plate-based parking validation software that allows parking managers to manage paid parking exemptions at ungated lots and garages and drivers to use an app to validate their parking spots.

The software is used at over 500 residential and commercial parking lots throughout North America. While the public might not be as familiar with Offstreet, its a software that has been helping hotel front desk staff and hospitals administration staff in Regina and Saskatoon manage its parking for the past few years.

“We’re super excited and very impressed by Matt and Kyle and what they’ve built with Offstreet. We’re really excited to partner with them on growth,” said Jordan McFarlen, the managing director of Conexus Venture Capital. “It’s just a great story for Saskatchewan tech but more importantly a great story of growth and entrepreneurship.”

Fahlman and Smyth officially founded Offstreet in 2016, released their original app in 2017 and landed their first customer in 2018. In 2019, they started paying themselves and took on four full-time and three part-time staff. Over the past five years, they’ve grown their roster to 25 employees and expanded throughout Canada and the United States.

The app’s clients include parking lot management companies, such as Impark, as well as health-care centres and large universities, the latter of which Offstreet hopes to hone in on. 

The funding will allow the business-facing, web-based application to further and expand its market reach to more universities. Falhman also said they plan to hire 10 to 15 more staff to fill out their team, ideally in Regina.

Fahlman said that campus parking services are a unique niche they cornered in the market. Campuses operate almost like “mini cities,” he said, with a mix of staff who need long-term passes, students who need short-term ones and visitors who need temporary parking stalls.

“We discovered a market opportunity that was not being properly addressed, and then with technology changes in the industry, we were able to kind of leverage our expertise into gaining a foothold into this market,” Fahlman said.

He said that the company has retained all of its university clients to the parking platform and they will target American campuses for more growth.

nyking@postmedia.com

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