Melbourne-based UbiPark has secured $2m in VC funding for its parking app that allows drivers to quickly find and pay for a parking space using their phone or sat-nav.
The injection of funds from Second Century Ventures (SCV) comes as UbiPark reports a seven-fold revenue increase this year and predictions the value of its payment transactions will reach $12 million next year.
Ubipark, which offers its service in car parks of hospitals, airports, managed buildings and public car parks, will use the cash injection to enter the US and UK markets.
Founder and chief executive Mosstyn Howell said his company would make key executive hires for its international expansion and accelerate the release of new features. SCV had a track record of “supercharging” growth and predicted UbiPark would scale quickly to become the world’s leading digital parking platform.
SCV serves as the investment arm of America’s 1.45 million-member National Association of Realtors and focuses on early-stage funding. It is said to be one of the world’s most active proptech investors.
Mr Howell predicted new opportunities would emerge following the pandemic lockdowns. Building operators and tenants needed more flexible arrangements for parking as staff reduced time in the office to work from home.
“People working in the office five-days-a-week is a thing of the past,” he said.
UbiPark had used the pandemic to create services that allowed greater flexibility for property owners and tenants, and to provide staff with a touchless experience. Enterprises that had deployed UbiPark had also enjoyed a better utilisation of their car parks.
“Parking of the future is digitised and integrated,” said Mr Howell. UbiPark’s technology can be integrated into large-scale management applications, such as Smart Property.
The company has enjoyed support from REACH Australia, a growth accelerator created by SCV. Its managing partner, Shelli Trung, said UbiPark’s “unique platform greatly improves the parking experience for property owners, operators and motorists”.
“Helping more people return to work safely post-Covid is a strong focus for us, and alleviating parking constraints is crucial,” said Ms Trung. “We see this as an excellent opportunity to help all industries and businesses recover quickly.”
UbiPark is currently running a Series A investment round that closes at the end of this month.