ProxiSmart raises £325k from Mercia and Jenny Campbell to roll out its parking app.
The seed round was led by the North East Venture Fund and investor Jenny Campbell to support regional deployment and hiring.
ProxiSmart develops a loyalty and cashless parking application designed to drive consumer footfall to traditional high street retailers. Based in Morpeth, the business utilises smart beacon technology to simplify parking transactions.
ProxiSmart has secured £325k in seed funding from the North East Venture Fund and television investor Jenny Campbell. The capital will enable the business to deploy its ParkingPerx system into live locations and expand its team with six new roles.
The Morpeth-based enterprise developed its platform to reward consumers with parking discounts when they spend money at participating high street stores. Following initial fundraising hurdles, the company gained wider recognition through a television appearance and partnership agreements with RingGo and numerous national brands.
From the founder
"I’d struggled to find the right investors and was ready to give up on the idea, but Mercia showed strong support and then the opportunity to go on Dragons’ Den came up. The reaction from the programme has been brilliant and demonstrated that there was a real appetite for the solution across the UK. With the backing of Mercia and Jenny Campbell, I am now ready to start deploying into live locations over the coming months."
Chris Reed
Founder and CEO at ProxiSmart
Investor perspective
"It is great to be able to support Chris with the roll-out of ParkingPerx. Chris has developed a great product that could not only help high streets but also have much wider applications. As the business can harvest meaningful information on the movements and habits of people in urban areas, it fits nicely into the current Smart City agenda."
James Allsopp
Investment Manager, Mercia
Use of funds
- 01Grow the team
- 02Accelerate go-to-market
Investors
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About the company
ProxiSmart
ProxiSmart builds a parking and loyalty application to support high street retail.