Intelligent parking platform YourParkingSpace has secured £5m in funding from Pelican Capital to develop its online booking service.
YourParkingSpace said the investment will be used to further its proprietary technology, which already markets over 80,000 bays in the UK from private individuals through to operators including Tesco, Morrisons and Premier Inn.
According to the company, the growth funding will create 40 new jobs over the next year across technology, sales and marketing in both its London office and new site in York.
Furthermore, improvements in YourParkingSpace’s technology should help drivers and operators adapt to shifts in commuting styles following the coronavirus pandemic. Research put together by the company shows that those returning to work are driving rather than using public transport, with large space owners also seeing a decline in footfall. YourParkingSpace has therefore reported a 40% increase in new customers since February.
Harrison Woods, chief executive and co-founder of YourParkingSpace, said: “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.”
YourParkingSpace said its technology and data is already being used to inform operators of the location and model of EV charging points, while it also plans to explore opportunities within last-mile delivery, dark kitchens and micromobility spaces.
