JustPark triples investment target on Crowdcube, raising £3.7 million from 2,900 investors
JustPark, the pioneering app and website that connects
parking space owners with drivers looking for a convenient space, has smashed its £1 million crowdfunding target by 370%, raising £3.7 million in 34 days through Crowdcube. While JustPark is still open to receiving expressions of interest, the campaign is officially closed to investment, having raised the maximum amount allowed for SMEs under EU regulation.
This is the largest amount of money ever invested in a British technology business through equity crowdfunding, and the highest amount invested in a company in the history of Crowdcube, the UK’s largest investment crowdfunding platform. Crowdcube’s previous top deal was the Mexican restaurant chain Chilango, which raised more than £2 million through its Mini-Bond in 2014.
More than 2,900 people invested an average of £1,200 in JustPark over the month-long campaign. Members of the public were given the opportunity to claim a stake in the company for just £10, although the single largest investment was £500,000. New shareholders will join JustPark’s existing backers, BMW i Ventures, the venture capital arm of automotive giant BMW and Index Ventures, one of Europe’s leading technology investors whose previous successes include Skype, Dropbox and JUST EAT.
JustPark will put the funds towards growing its community of users in the UK and around the world. It will also create more new technology to tackle the pain in parking, following the in-car app it developed last year in collaboration with BMW which allows drivers to manage the entire parking process directly from their vehicle dashboards for the first time.
JustPark founder Anthony Eskinazi said: “We’ve been overwhelmed by the positive response to our crowdfunding campaign. The way that the public have got behind JustPark and put their faith in us has been a huge vote of confidence, and genuinely humbling. We’re now looking forward to the next stage of our growth and to working alongside a loud, proud collective of our most passionate users to bring parking into the 21st century.”
Crowdcube co-founder Luke Lang said: “JustPark is one of a growing number of more
established businesses to seek finance through crowdfunding. With JustPark already being backed by leading venture capital firms, we were not at all surprised in the level of interest from the crowd that this pitch received. JustPark was a fantastic investment opportunity and the results prove that.”
Other facts and stats about investment in this record-breaking pitch:
‚óè During the first hour of its campaign, JustPark received 2.5 investments per minute.
‚óè Approximately one third of investors were JustPark users.
‚óè Investors include people living as far afield as Hong Kong, Costa Rica and Monaco.
‚óè The single biggest investment amount was £500,000. The smallest was £10.
JustPark is one of the UK’s leading examples of the sharing economy, the economic and social model that lets people receive goods and services from each other through online marketplaces rather than from large, established companies.
Since 2006, JustPark (formerly ParkatmyHouse) has been connecting drivers in need of convenient and affordable parking with property owners who want to earn money from renting out their underused parking space. By bringing a variety of parking spaces – from the largest car parks to individual private parking spaces, churches and hotels – onto one platform, JustPark has become the simplest way to find and book a parking space.
JustPark makes home and property owners around the UK a second income. Many of those living in sought-after areas around airports, stadiums and city centres are making over £3,000 a year, with one church in London’s Islington raising over £180,000 to date.
BMW i Ventures made a long-term strategic investment in JustPark in 2011. In August 2014, Index Ventures invested in the company, with venture partner Robin Klein joining JustPark’s Board.