JustPark to enter electric vehicle market after raising £5.5m in 48 hours

UK consumer tech company, JustPark, has launched a new crowdfunding campaign following the closure of a pre registration round which raised over £5.5m in just 48 hours.

Hailed as one of the first UK sharing economy businesses, JustPark is recognised globally as a pioneer in the peer-to-peer parking market and market leader for a £50bn industry.

It’s pre-registration round raised over £1m in the first 54 minutes, receiving an investment every 2 seconds at one point, before closing on £5.5m. It is now open to the public.

Today, as the UK’s favourite parking app, it helps over 3.5 million drivers find parking in spaces that would otherwise remain unoccupied; from private driveways to offices; hotels to hospitals; local authorities to commercial car parks.

Viewed as the catalyst to the growth of the crowdfunding market, in 2015, the company closed a world record-breaking £3.7m crowdfunding round receiving investment from over 2,500 investors, hitting the EU limit for such a campaign.

The current funding round will go towards international expansion and acceleration of its UK growth.

Anthony Eskinazi, Founder and CEO of JustPark said: “The marketplace, user experience and momentum we have built since the last crowdfund is tremendous and we’ve achieved a significant uplift in the share price for our early institutional and Crowdfunding investors.”

“But we have an even bigger role to play; the mobility revolution underway needs infrastructure and our network building capabilities can help these models accelerate their adoption rates and growth”.

JustPark is already backed by Index Ventures (Just Eat, Skype, Deliveroo), LocalGlobe (Citymapper, Zoopla and Transferwise), and BMW i Ventures, and boasts Oren Peleg as Executive Chairman – the former Group CEO of Fitness First, former MD Oakwood Capital Management Ltd and ex Partner at McKinsey & Co.

Peleg comments, “This new campaign is targeted towards solidifying JustPark’s role in facilitating the revolution underway in the mobility sector with electric vehicles and personal mobility transportation attracting £100 of billions in investment across the globe.”

“With a very low cost of space and customer acquisition, JustPark are building distributed networks of space that new mobility solutions need in order to accelerate their adoption.”

Luke Lang, co-founder and Chief Marketing Officer of Crowdcube said: “JustPark’s mission to make parking easy has inspired an avid community of customers that has grown significantly since its record-breaking raise with Crowdcube in 2015.”

“JustPark’s loyal shareholders have been instrumental in their success so far and it’s exciting to see them back for a third raise as they continue to empower people to make smarter parking choices in a digitally connected world.”

The Crowdcube funding round for JustPark is now open at crowdcube.com/companies/justpark.