YourParkingSpace, a provider of peer-to-peer parking solutions, has secured £5m investment from Pelican Capital to support the next phase of its growth strategy. The funds will be used to develop YourParkingSpace’s proprietary technology, which is used to market over 80,000 parking bays in the UK from private individuals’ driveways through to commercial providers including Tesco, Morrisons and Premier Inn.
By using YourParkingSpace, space owners can monetise underused parking, whilst commercial clients across the hospitality, retail and property sectors can drive footfall and improve customer experience.
The new investment will support the next phase of growth for the company. It is expected to create 40 new jobs over the next 12 months across the technology, marketing and sales teams, effectively doubling headcount and creating new jobs in London and its new office in York. Parallel investment in sales and marketing will target both new commercial customers and the expansion of services with current clients.
The improvements in the company’s technology will help drivers and space owners adapt to changes in consumer behavioural patterns caused by COVID-19. The company’s research shows that returning workers are increasingly choosing to drive over taking public transport, with new customers having increased by 40% in February before lockdown was imposed. In addition, large space owners have been suffering from declining footfall driven by the shift to online shopping and commerce. This trend is encouraging them to assess other ways to optimise their parking estates.
Harrison Woods, chief executive and co-founder of YourParkingSpace, said: “We are delighted to be partnering with Pelican Capital. Alongside the funding, which will enable us to scale our peer-to-peer marketplace, invest in our technology platform and increase our ability to attract new commercial partners, Pelican brings varied experience and strong expertise in driving sustainable growth.
“With their support, we look forward to working with more real estate owners to optimise their empty space and help them adapt to an increasingly digital future in parking.”
Pelican Capital is a UK-based private equity firm that, each transaction, will invest up to £15m in profitable businesses. Investments are funded by family offices looking to deploy capital into individual companies rather than invest through a traditional fund.
Anthony Francis, partner at Pelican Capital, said: “The parking technology space is a highly attractive part of the mobility landscape with compelling growth characteristics and an important part to play in the future of transport. We’re thrilled to be partnering with a market leader in YourParkingSpace. They have an exceptional track record of delivery, differentiated technology, a blue-chip customer base and an exciting pipeline of opportunities.”
YourParkingSpace’s technology and data is now used to inform operators of the optimum location and models for electric vehicle charging points. Future opportunities being explored within the last mile delivery, dark kitchens and micro-mobility spaces. Geographical expansion is also a future growth opportunity for the business, with the Republic of Ireland being earmarked as well as Europe and Asia.
In 2020, YourParkingSpace was placed 170th in the FT1000 annual list of Europe’s fastest-growing companies, whilst also featuring in The Sunday Times Tech Track 100, as one of Britain’s fastest growing private technology companies.
Your ParkingSpace was advised by mergers and aquosities specialist Cavendish, which is part of finnCap Group. Jon Edirmanasinghe, partner at Cavendish Corporate Finance, said: “We are delighted to have advised YourParkingSpace on its recent fundraise and to have found the right investor in Pelican Capital. The transaction will enable the business to accelerate future growth on its path to becoming a dominant parking technology provider. It was a pleasure working with Harrison, Charles, Chris and the rest of the team and we wish them well on the next part of their exciting journey.”
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