Crowdfunding success stories: JustPark
The car parking app which closed the largest tech equity crowdfunding round in UK history from global investors…
Making the shift from traditional funding options to crowdfunding, in March of this year parking app JustPark raised £3.7m – the UK’s largest tech start-up equity crowdfunding round to date – having previously raised investment from venture capital firms.
The deal, the highest amount ever invested through crowdfunding platform Crowdcube, was secured in just 34 days of the pitch going live with backing from over 2,900 ‘armchair’ investors.
Smashing the company’s original £1m target, the campaign saw investments of as little as £10 up to £500,000 and set a new precedent for crowdfunding as it actually surpassed the maximum amount of investment allowed for small and medium businesses under EU regulation.
Launched in 2006 by Young Gun Anthony Eskinazi, JustPark (formerly known as Park At My House) enables property owners to rent out available parking spaces to drivers looking for a parking spot with some of its users making profits of up to £3,000 a year.
Discussing the “overwhelming response” to its crowdfunding pitch, Eskinazi commented: “The way that the public have got behind JustPark and put their faith in us has been a huge vote of confidence, and genuinely humbling.
“We’re now looking forward to […] working alongside a loud, proud collective of our most passionate users to bring parking into the 21st century.”