UK-based parking innovator JustPark has successfully secured its initial £1.5 million funding target through its second equity crowdfunding campaign on Crowdcube. The initiative was launched last week, seeking the funds as it continues to expand.
JustPark was founded by entrepreneur Anthony Eskinazi and is seeking to lead the disruption of the £50 billion global parking market by allowing its customers to book off-street parking spaces online wherever and whenever they need them. Since its debut, the company has over 650,000 registered users and over 150,000 parking spaces. It is backed by BMW (since 2011) and international venture capital firm Index Ventures (since 2014).
The company claims it has helped 1.5 million registered drivers find parking in seconds – with real-time information on availability, restrictions, and price for 1.4 million spaces. JustPark noted that drivers may even reserve and pay for a guaranteed space at more than 20,000 locations through its apps. In the latest update, the JustPark team revealed their excitement for the campaign’s success so far:
“Thank you to everyone who has invested so far – all 1,000 (and counting) of you! We have been overwhelmed by the support you’ve shown us, and all of the team look forward to welcoming you into the JustPark investor community!”
JustPark also explained that overfunding enables it to:
- Accelerate the rate at which it can build out its sales team
- Be bolder with both its driver and property owner marketing
- Invest more in its product and development capabilities
- Bring forward our international expansion timelines
JustPark’s latest Crowdcube campaign is currently set to close at the end of December.
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