YourParkingSpace, on-demand parking platform and provider of intelligent parking solutions in the UK, has received a £5 million (US$6.4m) investment from Pelican Capital to support the next phase of its growth strategy.
The funds will be used to further develop YourParkingSpace’s proprietary technology which already markets over 80,000 bays in the UK from private individuals through to operators including Tesco, Morrisons and Premier Inn. By using YourParkingSpace, space owners can monetise this under-utilised resource whilst commercial clients across hospitality, retail and property can drive footfall and improve customer experience.
The investment will support the next phase of growth for the company. It is expected to create 40 new jobs over the next 12 months across the technology, marketing and sales teams. This will double the company’s employee base, creating jobs both in London and in a new office in York. The investment in sales and marketing will target both new commercial customers and the expansion of services with current clients.
The improvements in the company’s technology will help drivers and owners adapt to shifts in behaviour caused by Covid-19. The company’s research shows that returning workers are increasingly choosing to drive over taking public transport, with new customers having increased by 40 per cent on February before lockdown was imposed. In addition, with large space owners suffering from declining footfall driven by the shift to online shopping and commerce, this trend is encouraging them to assess ways to optimise their parking estates.
YourParkingSpace’s technology and data is already being used to inform operators of the optimum location and models for EV charging points, with future opportunities being explored within the last mile delivery, dark kitchens and micro-mobility spaces.
“We are delighted to be partnering with Pelican Capital,” says Harrison Woods, CEO and co-founder of YourParkingSpace, “Alongside the funding, which will enable us to scale our on-demand and subscription parking marketplace, invest in our technology platform, and increase our ability to attract new commercial partners, Pelican brings varied experience and strong expertise in driving sustainable growth. With their support, we look forward to working with more real estate owners to optimise their empty space and help them adapt to an increasingly digital future in parking.”