Despite capturing £3.7 million during its record-breaking Crowdcube campaign earlier this year, UK-based parking innovator JustPark has unfortunately laid off some of its employees.
Sources close to Just Park (formerly ParkatmyHouse.com) revealed to Business Insider that 20 out of 44 employees have been let go from the company, which was founded by Anthony Eskinazi in 2006. The media outlet noted JustPark has received investment from multiple sources, including BMW iVentures, the Crowdcube campaign and traditional venture capitalists like Index Ventures.
Business Insider noted that JustPark has been quiet on how much money it has been spending on marketing campaigns and hiring, raising suspicions that the company could be overspending. CEO Alex Stephany noted there had been 10 redundancies that were concentrated on the marketing team, adding that the redundancies were part of a “refocusing.” He then added JustPark has revenues that are now “significantly into seven figures and more than doubling year-on-year.”
Back in September, Eskinazi revealed to The Guardian what it took to make JustPark’s campaign a huge success:
“Everything we did was carefully timed to make sure that if there was any lull, we would have a press release ready to announce a new product or upcoming event. We wanted to really capture the attention of anyone who was potentially looking to invest.”
In regards to campaign going stagnant, he added:
“When we launched the campaign we had the best part of 600,000-700,000 customers, so we knew if we hit a downturn and couldn’t maintain momentum, we could send out emails to our customers to get a surge. That was our safeguard.”
JustPark is a website and app that allows private parking space holders to rent their space.
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