Parkable, a startup based in New Zealand that specializes in parking optimization, has recently secured NZ$4.7 million in funding from Pioneer Capital, as well as existing and new shareholders. This financial boost aims to support the company’s ongoing growth in its target markets overseas, including Australia, the UK, and the USA, in preparation for its planned series B funding round in the upcoming year.
Shayne Shepherd, Investment Director at Pioneer Capital, expressed enthusiasm for supporting Parkable, describing it as a fast-growing New Zealand company with a global focus. Pioneer Capital’s private debt offering allows Parkable to accelerate its growth while minimizing dilution for existing shareholders, setting the stage for future capital raises. Shepherd also highlighted Parkable’s impressive track record and strong strategic growth plans, emphasizing Pioneer Capital’s excitement about partnering with the Parkable team for the next phase of their journey.
In addition to Pioneer Capital, existing shareholders like Rowan Simpson’s Hoku Group, advisory board members Jason Kilgour and David Brain, and others have increased their holdings. Notable new shareholders include Michael Acland and Clare and Pip England, the Chief Executive Partner of Chapman Tripp. Parkable had previously raised $4.7 million in its series A round led by Spark in September 2019.
With this latest investment, Parkable’s total fundraising reaches $12.9 million since its establishment in March 2015. The company has predominantly relied on revenue to fund its growth, and it is projected to exceed $10 million in annual recurring revenue by the new year.
Toby Littin, Co-Founder and CEO of Parkable, expressed his excitement about the significant funding round, which demonstrates the confidence of Pioneer Capital and both existing and new investors. Littin emphasized that this funding allows Parkable to concentrate on seizing the business opportunities before them. The company is rapidly expanding into major global markets like the UK and US while solidifying its established presence in Australia. With the increased resources, Parkable aims to grow its team and fully globalize its platform. Littin anticipates doubling the company’s revenue and considers it an exciting time for the business.
Currently, Parkable is expanding in the UK with an electric vehicle charging product and has secured its first substantial contracts for staff parking management in the USA. The company is focused on strengthening its teams in New Zealand and Australia, while also establishing teams in the US and the UK to sustain continued growth.
Parkable’s software provides flexible and optimized parking solutions for workplaces. The widespread adoption of flexible working arrangements following the COVID-19 pandemic has contributed to the company’s success. Employers now require an efficient and equitable system for managing and allocating parking spaces for their flexible workforce, a need that Parkable’s software addresses.
