JustPark closes largest tech equity crowdfunding round in UK history
Young Gun-founded parking app has raised £3.7m from 2,900 investors from as far afield as Hong Kong, Costa Rica and Monaco
JustPark, an app that connects parking space owners with drivers looking for a convenient space, has raised £3.7m in 34 days on Crowdcube – smashing its £1m target by 370%.
The funding round broke a number of records, being the largest amount of money ever invested in a UK based tech start-up through equity crowdfunding and the highest amount ever invested in a business in the history of Crowdcube – one of Britain’s leading crowdfunding platforms. The platform’s previous record investment was Mexican restaurant chain Chilango, which raised more than £2m through its mini-bondond in 2014.
Founded in 2006 by Young Gun Anthony Eskinazi, JustPark allows property owners to earn money by renting out underused parking space to those in need. Many of its users around in demand areas such as airports, stadiums and city centres are making £3,000 a year, with one church in Islington raising more than £180,000 to date.
The campaign saw more than 2,900 people invest an average of £1,200 in JustPark over the month-long campaign. Public investors were given the opportunity to earn a stake in the company for just £10, but the single largest investment was £500,000. The app raised the maximum amount allowed for small and medium businesses under EU regulation, meaning the campaign is closed to investment although still technically open to receiving expressions of interest.
The finance will be used to grow the company’s community of users in the UK and around the world, and will also fund development of new technology following its in-car-app collaboration with BMW last year which allows drivers to manage the entire parking process directly from their vehicle dashboards.
JustPark’s Eskinazi said: “We’ve been overwhelmed by the positive response to our crowdfunding campaign. 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 the next stage of our growth and to working alongside a loud, proud collective of our most passionate users to bring parking into the 21st century.”
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Crowdcube co-founder, Luke Lang, added:
“With JustPark already being backed by leading venture capital firms, we were not at all surprised in the level of interest from the crowd that this pitch received. JustPark was a fantastic investment opportunity and the results prove that.”