Australian parking app Parkable raises $2.9m for expansion

Australia-based parking app Parkable has raised about US$2.9 million in a series A funding round led by New Zealand telecommunications company Spark.

Investors include Peter Beguely and Rowan Simpson, while early-stage investors and advisory board members Jason Kilgour and David Brain both increased their holdings, according to a statement.

Parkable co-founder and CEO Toby Littin (Left) and Spark Future of Connectivity lead Renee Mataparae / Photo credit: Parkable

Founded in 2016, Parkable is a sharing economy platform that allows companies and individuals to rent out empty parking spaces. It also offers staff parking management solutions for enterprises and small businesses.

The funding round puts its valuation at US$25 million after money, according to a statement.

The company said it will use the new funds to expand in its current markets, which includes Australia, New Zealand, and China. It also plans to explore new international markets “where we know there is increasing parking scarcity,” said Parkable co-founder and CEO Toby Littin.

Spark’s Future of Connectivity lead, Renee Mataparae, said that parking is a key vertical in the company’s internet of things segment, driving the strategic investment in Parkable. “[Parkable’s platform] truly demonstrates one of the early use cases for IoT technology – providing a valuable service for consumers and businesses alike and allowing for better asset utilization.”

Parkable has recently formed a joint venture in China, with plans to offer booking services for electric vehicle charging stations to capitalize on the country’s booming EV industry.

In February, it acquired local competitor Park Genie, a Brisbane-based parking solutions provider, which it rebranded and integrated into its platform.