JustPark app launches new crowdfunding round after £1m hit in just three hours

Parking app, JustPark, has launched another equity crowdfunding campaign, inviting the public to become shareholders from £10.

This is following the business’ £3.5m raise from over 2,700 investors in 2015. Heavyweight venture capital firms, Index Ventures, and LocalGlobe have also already invested in the round at the same valuation.

After two and a half years since its last funding round - which saw the company more than double its customer base to 1.5m - JustPark is seeking a further £1.5m to fuel growth.

JustPark’s founder and CEO, Anthony Eskinazi, said: “We’re delighted that our community of investors has been so actively involved in our progress - not just by backing us financially, but by contributing their skills, knowledge and professional and social networks too.

“As JustPark ambassadors, they have been invaluable - helping us to unlock business opportunities with new car parks as well as referring friends. To testify, word of mouth is now our biggest customer acquisition channel.

“That’s why we chose to do crowdfunding in the first place - to tap into people’s enthusiasm and build a network of brand evangelists.”

JustPark’s new crowdfunding campaign launched on Friday, and surpassed the £1m invested milestone three hours after going live to the public on Crowdcube. Over 700 people have invested in the round so far.

Parking is a global industry valued at £50bn, and it has been said that over 23 per cent of car journeys attract some kind of parking pain for drivers.

Eskinazi continued: “Parking is a major problem for millions of drivers in cities across the world. We’re on a mission to make it easy, and to remove the stress people associate with parking - be that looking for a space, paying for a space, or getting a parking ticket.”

JustPark has combined the support of the crowd with venture capital. Index Ventures, a tech VC which has backed the likes of Just Eat, Local Globe, Citymapper… are participating in the round - following on from its initial investment in 2014.

Luke Lang, co-founder of Crowdcube, commented: “It’s fantastic to have JustPark back on the platform after their landmark and record-breaking raise in 2015, which pioneered how the crowd could invest alongside venture capital firms - with great results for both companies.”