Parkable, the fastest-growing parking app in Australasia, has successfully raised AUD$4.3 million in its first significant funding round led by Spark, the leading digital services company in New Zealand. The company intends to utilize the funds to bolster its dominant position in the NZ market, as well as to support its expansion into China and Australia.
Along with Spark, investors such as Peter Beguely and Rowan Simpson have also contributed, while existing early-stage investors and advisory board members Jason Kilgour and David Brain have increased their holdings. Parkable’s Co-Founder and CEO expressed his satisfaction, saying that they were thrilled that Spark had spearheaded this round, and they were looking forward to collaborating more closely in the future. He also mentioned that the funds would be put to work right away, with the aim of enhancing the parking experience for their expanding number of loyal parkers and hosts.
The CEO further claimed that their Parkable for Business product was the most excellent corporate parking optimisation solution globally and that they would vigorously promote it in their existing markets in New Zealand, Australia, and China, as well as in new markets experiencing increasing parking scarcity.
Parkable’s core value proposition revolves around the concept of the sharing economy, where businesses can lease out their unused parking spots to employees or other commuters on a short-term basis, be it hourly, daily, or weekly.
During his presentation at the Proptech Summit in Sydney on Tuesday, CEO Toby Littin showcased how Parkable has been instrumental in enhancing employee satisfaction for major corporations by providing a platform that enables them to offer their unoccupied parking spots to mid-level staff for a nominal fee of just a few dollars per day.
According to Mike Davis at Parkable, finding affordable parking in city centers is becoming increasingly challenging. However, many businesses and organizations have parking spots that go unused during high-demand periods. By renting out these spaces during off-hours, such as sick days, weekends, evenings, and annual leave, companies can generate revenue and put previously untapped resources to work.
This is an excellent opportunity for businesses to turn their idle parking spaces into profitable assets. With parking demand on the rise, companies can take advantage of the out-of-office times that their spaces are available for hire. Not only does this offer a new revenue stream, but it also allows businesses of all sizes and industries to set their own prices and times.
Various establishments, such as office buildings, churches, hotels, gyms, and restaurants, have car parks sitting empty at some point during the day, providing ample opportunities to generate additional income. This is especially appealing to budget-conscious start-ups that have parking spaces in desirable locations.
Parkable has expanded its presence through a joint venture in China and the acquisition of Brisbane-based parking solutions provider Park Genie. The latter has been rebranded and integrated into the Parkable platform, and the company is now operating in three Australian cities, as well as Shanghai.
