Parkable, a New Zealand-based parking optimisation startup, has raised NZ$4.7 million (A$4.53m) as it prepares for a global push.
The round, in both debt and equity funding, was led by Kiwi VC Pioneer Capital, ahead of a planned series B in 2022.
Pip England, Chief Executive Partner of Chapman Tripp, New Zealand’s largest commercial law firm, came on board as a new investor joining advisory board members Jason Kilgour and David Brain, who upped their stake in the venture
The new raise repeats a NZ$4.7 million Series A, led by Spark, in 2019. Parkable has now raised NZ$12.9 million since launching in 2016, and for the most part has funded its growth through revenue. The company is predicting it will hit an annualised recurring revenue of $10 million by the new year.
Parkable is now looking to ramp up its growth in US, UK and Australian markets with the fresh cash.
Co-founder and CEO Toby Littin said 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 will bolster its New Zealand and Australian headcount and establish teams in the US and the UK.
“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,” he said.
“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.”
Parkable is a sharing economy platform dubbed ‘Airbnb for parking’ that allows companies and individuals to rent out their empty parking bays. It also provides staff parking management solutions for enterprises and small businesses. The app allows people to find and pay for car parking spaces, either on the fly or reserved.
Pioneer Capital investment director Shayne Shepherd said Parkable is the type of globally-focused, fast-growing New Zealand company they look to support.
“Our private debt offering enables Parkable to accelerate its growth whilst minimising dilution for existing shareholders ahead of future capital raise,” he said.
“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.”