Parkable Raises NZ$4.7 Million In New Funding
Parkable, the New Zealand-based parking optimisation startup, has raised NZ$4.7 million of both debt and equity funding from Pioneer Capital and from existing and new shareholders to secure continued growth in its target overseas markets, including Australia, the UK and the USA, ahead of a planned series B in the new year.
Shayne Shepherd, Investment Director from Pioneer Capital said; “Parkable is the kind of globally-focused, fast-growing New Zealand company that we look to support. Our private debt offering enables Parkable to accelerate its growth whilst minimising dilution for existing shareholders ahead of future capital raises. They have a great track record with strong strategic growth plans. We are really excited to be partnering with the Parkable team for this next phase of their journey.”
Rowan Simpson’s Hoku Group, as well as other existing shareholders and advisory board members Jason Kilgour and David Brain, have all increased their holdings and new shareholders include Michael Acland and Clare and Pip England (Chapman Tripp Chief Executive Partner).
Parkable raised $4.7 million led by Spark in its series A round in September 2019.
This investment round takes Parkable’s fundraising to $12.9 million since its inception in March 2015, although growth has largely been funded by revenue, which is projected to surpass $10 million annualised recurring revenue by the new year.
Toby Littin, Parkable Co-Founder and CEO, said: “This is a significant raise and signals great confidence from Pioneer Capital as well as existing and new investors and means we can focus on converting the business opportunities in front of us. We are extending fast into some big global markets like the UK and US and are consolidating our already established position in Australia.
“We’re now in a position to grow our team and to fully globalise our platform. We’re on track to double our revenue, so it’s an exciting time for the business,” he added.
Currently, Parkable is growing in the UK with an electric vehicle charging product and has landed its first significant contracts for staff parking management in the USA. The company is focusing on bolstering teams in New Zealand and Australia and establishing teams in the US and the UK to support continued growth.
Parkable’s software enables flexible, optimised parking for workplaces. The widespread transition to flexible working since COVID-19 has fuelled the company’s success, as employers require an efficient, fair system for managing and allocating parking for a newly flexible workforce.
Parkable was founded by Toby Littin (CEO), Brody Nelson (CTO) and Warwick Beauchamp in 2016. A Deloitte Rising Star winner, Parkable is a sharing economy platform for car parking that allows companies and individuals to rent out their empty parking bays. Parkable also provides staff parking management solutions for enterprises and small businesses. Sometimes referred to as ‘Airbnb for parking’, users of the Parkable app can find and pay for car parking spaces as required without cash, either on the fly or spaces can be reserved. Car park owners can also enjoy the additional income from letting out spaces when they aren’t being used.www.parkable.com
About Pioneer Capital
Pioneer Capital is one of New Zealand’s leading investment firms. The firm has invested in 29 businesses and made 18 bolt-on acquisitions with a focus on accelerating growth via international expansion. Pioneer has a track record of partnering with owners and managers to build sustainable value. Pioneer Capital is based in Auckland and manages capital on behalf of some of New Zealand’s leading institutional and private investors. For more information, please visit www.pioneercapital.co.nz.