Sydney startup Divvy Parking, which allows individuals and businesses to lease out parking spaces to drivers, has today announced the closing of a $2.5 million Series A round.
This brings the total raised by the startup since its launch in 2011 to $2.8 million, with Divvy having previously received $300,000 in seed funding. Divvy did not disclose the investors in this round.
Divvy has also announced partnerships with commercial property groups including DEXUS Property Group, GPT Group, and Knight Frank to manage their parking assets.
It also recently partnered with office tower tenant services provider Inlink.
Nick Austin, founder and CEO of Divvy, said that the funding will allow the startup to accelerate its growth and expand its team as it looks to help both drivers and property managers around Australia.
“The existing system has long been in need of a technology evolution, just as we’ve seen happen across industries such as city taxis and accommodation. Australia faces mounting pressures on its infrastructure and Infrastructure Australia recently warned traffic congestion could cost governments up to $53 billion by 2031,” he said.
“Technology will play a key role in combatting these issues as the public and private sectors work together to build smarter and more efficient cities. Finding ways to make use of existing resources through solutions such as Divvy is an important part of this.”
Divvy is currently active in New South Wales, Victoria, and Queensland. It’s one of a few Australian startups in the parking space, with competitor Parkhound active across the country.
Aaron McGhee, managing director of Knight Frank, said that the company has already seen material improvements in the management of its parking assets since partnering with Divvy.
“We’d been looking for an innovative solution for some time, the industry is crying out for it. Working with agile technology companies is part of our ongoing strategy and Divvy has played a key role in driving us forward in this space, delivering flexible solutions for our clients which have not previously been available.”