Parkpnp to raise €3m to help fund its European expansion drive
Dublin startup was born out of frustration with trying to park in the capita
Dublin-based digital startup Parkpnp has launched a €3m fundraising round to pay for its planned expansion into Europe.
The company, which has developed an application that allows users access to a so-called "parking spot marketplace", has topped more than 10,000 customers per month in Ireland and has just signed its first licence in the Netherlands.
Users can rent car parking spots across a wide range of locations, from private driveways to unused parking spots in commercial premises, such as hotels.
App users can also list for free, advertise and then generate income from their unused or under-utilised parking spaces, allowing drivers to find guaranteed parking on their PC or phones before reaching their destination.
The €3m funding round is expected to attract investment from a mix of property management companies, private investors and venture capital companies based in Ireland, the UK and the US, it is understood. Sean Melly, of Powerscourt Capital, is leading the raise, which follows an initial €500,000 investment by Enterprise Ireland.
"The company was born out of my frustration searching for parking across Dublin," said Parkpnp chief executive Garret Flower, who co-founded the firm in 2016 with Daniel Paul. "Investigation shows this is a shared global problem. As populations grow, car numbers are rising, while demand for space is greater than ever. It's time to enter an era where people can park smarter.
"People can list their parking spot per hour, per day, per week, whatever. When Dublin Airport was packed in July, people were renting out their driveways close by. Some of them were then even dropping people up to the airport, so it became like a cross between Airbnb and Uber." Parkpnp aims to cut out all the inefficiencies of parking, said Flower, who also runs successful bakery distribution business Krust.
"Our management solutions combine our cutting-edge hardware and software options to seamlessly work with all space-owners, empowering them to manage their parking real-estate more efficiently," he said, claiming that Parkpnp was leading "the growing global necessity" to rapidly modernise the €100bn parking industry.
"Each and every one of more than a billion cars in the world needs to be parked somewhere. With rapid urbanisation, it's more important than ever to maximise real estate and ensure these cars are parked as effectively as possible," he said.
Parkpnp has over 3,000 spaces at more than 1,000 locations listed across the country and now manages one of the largest portfolios of parking real estate in Ireland, said Flower. It currently has 15 employees and expects to double that number as it opens offices in three European locations following the fundraising round.
Alongside its residential portfolio, Parkpnp also works with larger car park operators such as Euro Car Parks and the Dalata Hotel Group to help them maximise revenue from their spaces.
Sunday Indo Business