NEWS & ANALYSIS

JustPark raises £2.7m in crowdfunded round

by | Dec 21, 2017

The successful funding round demonstrates the viability of crowdfunding platforms not just for small kickstarters but also larger startups who are seeking alternative methods to raise money.

LONDON, United Kingdom – Ever had trouble finding a car parking space in a large, busy city? This is the problem that JustPark aims to solve and it has just announced that it’s raised an additional round of funding to achieve that goal. In its latest round of funding, JustPark has raised £2.7m at a pre-money valuation of £33m. The interesting bit? It did so through crowdfunding.

According to Crowdfund insider, the latest round was completed on market-leading crowdfunding platform CrowdCube with the initial goal of £1.5m being successfully hit within just a few days.

Crowdfunding and finding product market fit

The successful funding round demonstrates the viability of crowdfunding platforms not just for small kickstarters but also larger startups who are seeking alternative methods to raise money.

The strategy of crowdfunding has the added benefit of creating a community of loyal brand ambassadors and early adopters who work to promote the brand and provide crucial feedback in the early stages of product market fit which is lacking in traditional VC funding rounds. Similar strategies have worked for other startups early on in the product / market fit lifecycle including Monzo.  

How JustPark works

JustPark is aiming to ‘disrupt’ (cliche alert) the massive £50bn global car parking market by taking the pain away from parking your car.

Enter your location for the day, including the area you’d like to park in and JustPark will allow provide you with a list of over 20,000 convenient spaces for you to choose to park your car. Upon selecting the place you’d like to park, you’re able to reserve your car parking space in a few steps.

JustPark also taps into the sharing economy by allowing car parking space holders to rent out their car parking spaces to potential bidders. If you drive to work and live in an in-demand area, it’s a neat way to make a little extra cash. JustPark says over £15m has been earned by car parking property owners in this way so far.

Following recent product payment updates, payments are now cashless and made through the app or the website, which means you don’t have to mess around with those hideous little car park ticket machines.

Originally named Parkatmyhouse and founded by London-based entrepreneur Anthony Eskinazi back in 2006, JustPark has ambitious plans for global growth. The latest round of funding follows previous rounds which included investment from big players in the car market including BMW plus Richard Branson. The team, which is now over 20 members of staff, is based in London.

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