YourParkingSpace secures £5m from Pelican Capital to fund expansion and technology development
Pelican Capital has provided growth funding to support technological development and workforce expansion.
YourParkingSpace operates an on-demand parking platform that markets over 80,000 bays across the UK. The company provides intelligent parking solutions for private individuals and major commercial operators.
YourParkingSpace has secured £5m in growth private equity from Pelican Capital. The capital will be directed towards technological enhancements, creating 40 new jobs, and expanding sales and marketing operations.
The funding arrives as shifting commuter habits during the pandemic increase demand for private vehicle transport over public alternatives. The company plans to use the investment to scale its platform and support real estate owners in optimising underutilised parking assets.
From the founder
"We are delighted to be partnering with Pelican Capital. Alongside the funding, which will enable us to scale our on-demand and subscription parking marketplace, invest in our technology platform, and increase our ability to attract new commercial partners, Pelican brings varied experience and strong expertise in driving sustainable growth. With their support, we look forward to working with more real estate owners to optimise their empty space and help them adapt to an increasingly digital future in parking."
Harrison Woods
Chief Executive and Co-founder at YourParkingSpace
Investor perspective
"The parking technology space is a highly attractive part of the mobility landscape with compelling growth characteristics and has an important part to play in the future of transport. We’re thrilled to be partnering with a market leader in YourParkingSpace. They have an exceptional track record of delivery, differentiated technology, a blue-chip customer base and an exciting pipeline of opportunities."
Anthony Francis
Partner, Pelican Capital
Use of funds
- 01Grow the team
- 02Continue product development
- 03Invest in sales and marketing
Investors
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About the company
YourParkingSpace
YourParkingSpace operates an on-demand parking platform and intelligent parking solutions provider.