A £20m Series B funding round has been announced by UK-based kerbside management and smart parking technology firm Appyway.
The company said it plans to invest in data capture and improving parking yield, put money into Data-as-a-Service (DaaS) for mobility service providers and vehicle OEMs, accelerate city adoption and expand product functionality.
The new funding will build on some £10.8m raised to date, including a £7.6m Series A round that drew in investors including Sumitomo Corporation, Hyundai Motor Company and Aviva Ventures, West Hill Capital and Breed Reply. These funds were used to grow AppyWay’s mobility team, expand its sales and marketing functions, and accelerate new product and IP development.
This latest fund-raising round is being managed by Cavendish Corporate Finance.
Dan Hubert, CEO and founder of AppyWay, said: “We’re thrilled to announce this funding round, which will help us move further towards our goal of helping local authorities and businesses unlock the potential of their kerbs. Whether it is residents, drivers, businesses and councils, all stand to benefit from the mobility revolution that is underway.”
AppyWay’s platform utilises IoT sensors to establish robust kerbside demand data, further enhanced via payment operators, navigation and traffic solutions, mobility and last-mile operators, MaaS apps, EV and infrastructure apps, plus other tools.
Aimed at aimed at local authorities, drivers, fleets and logistics firms, Appyway’s Mobility API is designed to address parking difficulties, ease congestion, reduce pollution and improve air quality in cities, as well as help raise safety standards and enable kerbside compliance for drivers, fleets, and CAVs.
Milton Keynes, Cambridgeshire, Portsmouth, Harrogate, Coventry, Southwark, Cornwall and Dorset are among the councils cited by Appyway as using its technology to more effectively utilise parking space, integrate payments and implement local traffic regulations. Furthermore, fleet and logistics firms such as Safo and Domex, and transport bodies such as Transport for West Midlands, currently use AppyWay’s platform to support their services and operations.
“Under-utilised on and off-street parking, along with outdated and inefficient processes and technology with high operating costs are features of many cities and towns across the UK,” added Hubert. “Councils are missing out on fair, effective and efficient revenue generation, along with the opportunity to reduce congestion and air pollution.
“A different approach is clearly needed if zero carbon targets are to be met and cities are to have the necessary infrastructure for electric and autonomous vehicles.”
