Movac invests in Parking Sense to fuel global growth

Movac invests in Parking Sense to fuel global growth

Waikato-based Parking Sense has raised significant funding from Movac, New Zealand’s most experienced technology investment firm.

Founded in 2013, Parking Sense provides smart software solutions to a number of the world’s largest car park operators. The business has a team of 25 employees, and clients in New Zealand, Australia and USA, which include L.A.Metro, one of the largest parking guidance contracts ever awarded.

Movac Partner Mark Stuart comments “We were compelled to invest in Parking Sense by the quality of the team and their technology. They have the experience, passion and ambition to grow a successful international company at rapid scale in a space in which they’re experts. Founder and CEO Paul Collins’ background as a successful serial entrepreneur was also a key factor in our decision, along with the quality of the team that he’s assembled.”

Parking Sense CEO Paul Collins comments “We’re very focused on what we want to do with our business, and sought an investor who understood that. We had a number of funding options but chose Movac due to their investment style and their experience in growing globally successful tech companies, as well as personality fit with our executive team. We’re looking forward to working with Mark and the Movac team as well drive our international growth even faster”.

The funding will be used to build sales and delivery capability offshore, as well as increase Parking Sense’s marketing presence. Mr Stuart will join the Parking Sense board.

Phil McCaw, Movac Managing Partner commented, “We’re thrilled to have Parking Sense in the Fund 4 portfolio, alongside Vend and Unleashed Software. NZ’s ability to produce tech companies with global ambition and capability is increasing all the time. We have a number of other companies that we’re talking to about how we can fuel their plans with our capital, expertise and networks”.

About Movac:

Movac is New Zealand’s largest and most experienced technology investment fund manager. Movac provides growth funding across multiple investment rounds and supports companies with mentoring, advice, and access to international networks.

Founded in 1998, Movac has invested in more than 25 New Zealand companies. Over that time, significant returns have been generated for investors with notable results achieved with Trade Me, eBus, GreenButton, and Givealittle. Current Fund 3 portfolio companies include PowerbyProxi, Aroa Biosurgery, Author-it, 1Above, and Modlar. Current Fund 4 portfolio companies are Vend and Unleashed Software.

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