Movac invests in Waikato smart parking software
Waikato-based Parking Sense has raised significant funding from Movac - a Kiwi technology investment firm.
Founded in 2013, Parking Sense provides smart software solutions to car park operators around the world, including L.A.Metro, one of the largest parking guidance contracts ever awarded.
Movac partner Mark Stuart comments, “We were compelled to invest in Parking Sense by the quality of the team and their technology. They have the experience, passion and ambition to grow a successful international company at rapid scale in a space in which they're experts.
“Founder and CEO Paul Collins' background as a successful serial entrepreneur was also a key factor in our decision, along with the quality of the team that he's assembled.
The funding will be used to build sales and delivery capability offshore, as well as increase Parking Sense's marketing presence. Stuart will join the Parking Sense board.
Parking Sense CEO Paul Collins says the company is very focused on what it wants to do with the business, and sought an investor who understood that.
“We had a number of funding options but chose Movac due to their investment style and their experience in growing globally successful tech companies, as well as personality fit with our executive team.
“We're looking forward to working with Mark and the Movac team as well drive our international growth even faster”.
Phil McCaw, Movac managing partner says, “We're thrilled to have Parking Sense in the Fund 4 portfolio, alongside Vend and Unleashed Software.
“NZ's ability to produce tech companies with global ambition and capability is increasing all the time. We have a number of other companies that we're talking to about how we can fuel their plans with our capital, expertise and networks”.
Movac has been around for a while. Founded in 1998, Movac has invested in more than 25 Kiwi companies across multiple investment rounds and supports companies with mentoring, advice, and access to international networks.