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Spark backs homegrown parking app Parkable

04 Sep 2019
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New Zealand’s own Spark has backed Australasian parking app Parkable, after leading a successful $4.6 million funding round for the platform.

Parkable is a sharing economy platform for car parking that allows companies and individuals to rent out their empty parking bays.

Parkable also provides staff parking management solutions for enterprises and small businesses. Sometimes referred to as ‘Airbnb for parking’, users of the Parkable app can find and pay for car parking spaces as required without cash, either on the fly or spaces can be reserved.

Car park owners can also enjoy the additional income from letting out spaces when they aren’t being used.

Peter Beguely, Rowan Simpson, Jason Kilgour and David Brain also backed the funding round.

Parkable will use the funds to improve its position within the New Zealand market, as well as to develop its presence in China and Australia.

“We are delighted that Spark has led this round and we look forward to working with them even more closely in the future,” says Parkable cofounder and CEO Toby Littin.

“We will be putting the funds to work immediately, and I hope our loyal and growing number of parkers and hosts will have even better parking experiences because of that.”

He adds that the company will push its Parkable for Business product hard across markets in all three regions, as well as markets where the company knows that parking scarcity is an issue.

The company has already made steady moves into those markets. Recently the company announced a joint venture in China. Earlier this year the company also acquired and absorbed Brisbane-based parking solutions business Park Genie.

Parkable now operates in three Australian cities as well as in its Shanghai, China base.

Spark’s future of connectivity lead, Renee Mataparae says Spark is looking forward to seeing Parkable grow in new markets.

“We see parking as a key vertical in our internet of things (IoT) segment and this is a strategic investment for us. The Parkable platform offers a unique value proposition in this space for our customers across many industries. It truly demonstrates one of the early use-cases for IoT technology – providing a valuable service for consumers and businesses alike and allowing for better asset utilisation.”

Parkable cofounder and CTO Brody Nelson says that Parkable welcomes Spark’s backing.

“[They] bring all their IoT experience, which will help our customers to get better and more useful data, and even better parking experiences in the future. We also look forward to being part of Spark’s solution for corporate and small and medium-sized businesses, and to have access to their wisdom and experience for the benefit of our team and customers.”