Australia-based parking app Parkable has successfully raised approximately US$2.9 million in a series A funding round, with New Zealand telecommunications company Spark leading the investment. Notable investors such as Peter Beguely and Rowan Simpson participated, while early-stage investors and advisory board members Jason Kilgour and David Brain increased their holdings. Parkable, founded in 2016, operates as a sharing economy platform, enabling both companies and individuals to rent out vacant parking spaces. Additionally, it offers parking management solutions tailored for enterprise and small business staff.
Following the funding round, Parkable’s valuation stands at US$25 million, as stated by the company. The newly acquired capital will be utilized to expand the app’s presence in its existing markets, namely Australia, New Zealand, and China. Furthermore, Parkable plans to explore potential opportunities in international markets where parking scarcity is a growing concern, according to Toby Littin, co-founder and CEO of Parkable.
Renee Mataparae, Spark’s Future of Connectivity lead, emphasized that parking represents a crucial sector within the company’s internet of things (IoT) segment, thereby driving its strategic investment in Parkable. Mataparae noted that Parkable’s platform exemplifies one of the early applications of IoT technology by providing a valuable service for both consumers and businesses, ultimately optimizing asset utilization.
Expanding its reach beyond Australia and New Zealand, Parkable recently established a joint venture in China. This move aligns with the company’s goal of offering booking services for electric vehicle charging stations, capitalizing on the flourishing electric vehicle industry in China. Moreover, in February, Parkable acquired local competitor Park Genie, a Brisbane-based parking solutions provider. The acquisition involved a rebranding process and successful integration of Park Genie into the Parkable platform.
