Power Pitch

Dude, park my car

Dude, park my car

Another car service start-up is pulling into the on demand space. But instead of offering rideshares, Parche takes your keys and takes care of parking your car.

"We thought there was a better way to valet park," entrepreneur Christian Peneff said.

Christian and his brother Pavel co-founded mobile app Parche, a name they derived from "parcheggiare," Italian for "parking."

The Parche concept is less foreign. Users simply request, pay and tip their valets via their smartphones. Parche charges a $1 transaction fee.

The start-up doesn't even need to hire a single human to physically park a car. Parche works with existing valet services at restaurants and hotels.

Switching gears

The Peneff brothers told CNBC the valet parking industry hasn't changed in 50 years. So they teamed up with designers and developers to create the technology behind the Parche app.

"We're putting an end to the days of waiting in valet lines in the freezing cold, or dashing to the ATM for cash to pay attendants," Christian Peneff said.

Nikhil Kalghatgi, venture capitalist at Vast Ventures, said the biggest challenge for Parche would be getting hotels and restaurants on board.

Parche takes your keys and takes care of parking your car
Source: Parche

But Peneff said in his experience, the hospitality industry wants to improve customer service, so venues can easily, "appreciate the convenience."

The start-up offers its platform at more than 50 locations in Chicago, including bars, restaurants and hotels. The founders told CNBC they plan to expand to other cities in the coming months, including Miami and LA.

Customers can use the Parche app to scan his or her valet ticket to request their ride
Source: Parche

Parche is not the first start-up to offer cashless on-demand parking. Luxe Valet and Curbstand are already expanding in major markets.

Angel investor Nat Burgess, president of Corum Group, said he worries that those competitors could easily stall the start-up's growth.

But Peneff told CNBC he's confident Parche's technology will steer customers his way.

Available on iOS and Android, Parche has raised $1 million in funding from private investors and its co-founders. The co-founders also would not disclose any revenue specifics but did tell CNBC Parche has seen 100 percent growth month over month since its official launch in April.