Just days before it is set to close its latest equity crowdfunding campaign on Crowdcube, UK-based parking innovator JustPark has raised more than £6.9 million through the funding round from nearly 5300 investors. The initiative was launched earlier this month and quickly surpassed its initial 4 million funding target. JustPark is offering 7.95% in equity at an £80 million pre-money valuation.
As previously reported, JustPark is on a mission 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 launch, JustPark has more than 650,000 registered users and over 150,000 parking spaces. The company raised over £3.5 million from more than 2,700 investors through its first Crowdcube campaign in 2015.
“At JustPark, we recognise the parking challenges facing drivers and acknowledge the transport and congestion issues that our cities need to tackle. We believe we have solutions to these problems. We are active in every major city in the UK and our award-winning platform has been adopted by 20 local authorities and many parking operators, hospitals and universities – helping us grow by an average of 110,000 users per month since Sept 2018 (185,000 in August 2019).”
JustPark has notably entered into the “revolution underway” in the mobility space, with electric vehicles and personal mobility transportation attracting £100 of billions in investment across the globe.
“With a very low cost of space and customer acquisition, JustPark are building distributed networks that new mobility solutions need in order to accelerate adoption.”
In regards to what the funds from the latest Crowdcube round will be used for, JustPark went on to add that the funding will be used to accelerate its core business, expand into new markets and explore its role in the future of mobility.
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