Parkable, Australasia’s fastest-growing parking app, has raised NZ$4.6 million in its first significant funding round led by Spark, New Zealand’s leading digital services company.
The funds will be used to increase Parkable’s dominance of New Zealand’s shared economy parking market, further develop its presence in Australia and China and explore new international markets.
In addition to Spark, new investors include Peter Beguely and Rowan Simpson, and early-stage investors and advisory board members Jason Kilgour and David Brain have both increased their holdings.
Toby Littin, Parkable Co-Founder and CEO, said: “We are delighted that Spark has led this round and we look forward to working with them even more closely in the future. We will be putting the funds to work immediately and I hope our loyal and growing number of parkers and hosts will have even better parking experiences because of that.
“We believe our Parkable for Business product is the best corporate parking optimisation solution in the world. We want to push that very hard now, both in our existing markets in New Zealand, Australia and China, and in new markets where we know there is increasing parking scarcity.
Co-Founder and CTO, Brody Nelson, said: “We particularly welcome Spark, who bring all their IoT (internet of things) experience, which will help our customers to get better and more useful data, and even better parking experiences in the future. We also look forward to being part of Spark’s solution for corporate and small and medium-sized businesses, and to have access to their wisdom and experience for the benefit of our team and customers.
Spark Future of Connectivity Lead, Renee Mataparae, said: “We’re delighted to see Parkable reach this milestone and to be part of its exciting journey so far – and we’re looking forward to seeing the business grow in new markets in the future. We see parking as a key vertical in our IoT segment and this is a strategic investment for us. The Parkable platform offers a unique value proposition in this space for our customers across many industries. It truly demonstrates one of the early use-cases for IoT technology – providing a valuable service for consumers and businesses alike and allowing for better asset utilisation.”
Parkable recently announced a joint venture in China and in February acquired Brisbane-based parking solutions business Park Genie, which it has subsequently rebranded and integrated onto the Parkable platform. Parkable is now operating in three Australian cities as well as in its Shanghai, China base.
Parkable was founded by Toby Littin (CEO), Brody Nelson (CTO) and Warwick Beauchamp in 2016. A Deloitte Rising Star winner, Parkable is a sharing economy platform for car parking that allows companies and individuals to rent out their empty parking bays. Parkable also provides staff parking management solutions for enterprises and small businesses. Sometimes referred to as ‘Airbnb for parking’, users of the Parkable app can find and pay for car parking spaces as required without cash, either on the fly or spaces can be reserved. Car park owners can also enjoy the additional income from letting out spaces when they aren’t being used.
Dynamic Business covered a story on Parkable in March and how businesses are using the app to increase revenue.