YourParkingSpace raises GBP5 million of growth funding from Pelican Capital
YourParkingSpace, a UK on-demand parking platform and provider of intelligent parking solutions, has secured a GBP5 million 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 underutilised 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.
Harrison Woods, Chief Executive and Co-founder of YourParkingSpace, says: “We are delighted to be partnering with Pelican Capital. 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.”
Anthony Francis, Partner at Pelican Capital, says: “The parking technology space is a highly attractive part of the mobility landscape with compelling growth characteristics and has an important part to play in the future of transport. We’re thrilled to be partnering with a market leader in YourParkingSpace. They have an exceptional track record of delivery, differentiated technology, a blue-chip customer base and an exciting pipeline of opportunities.”
YourParkingSpace was advised by Cavendish Corporate Finance and Mishcon de Reya (legal). Pelican Capital was advised by Stephenson Harwood (legal), Wilson Partners (financial and tax due diligence), Claritas (tax structuring), Alembic Strategy (management diligence), DC Advisory (corporate finance) and CIL (commercial diligence).