Parkpnp to raise €3m to help fund its Euro­pean ex­pan­sion drive

Dublin startup was born out of frus­tra­tion with try­ing to park in the cap­i­tal, writes Fearghal O’con­nor

Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE -

DUBLIN-BASED dig­i­tal startup Parkpnp has launched a €3m fundrais­ing round to pay for its planned ex­pan­sion into Europe.

The com­pany, which has de­vel­oped an ap­pli­ca­tion that al­lows users ac­cess to a so-called “park­ing spot mar­ket­place”, has topped more than 10,000 cus­tomers per month in Ire­land and has just signed its first li­cence in the Nether­lands.

Users can rent car park­ing spots across a wide range of lo­ca­tions, from pri­vate drive­ways to un­used park­ing spots in com­mer­cial premises, such as ho­tels.

App users can also list for free, ad­ver­tise and then gen­er­ate in­come from their un­used or un­der-utilised park­ing spa­ces, al­low­ing driv­ers to find guar­an­teed park­ing on their PC or phones be­fore reach­ing their des­ti­na­tion.

The €3m fund­ing round is ex­pected to at­tract in­vest­ment from a mix of prop­erty man­age­ment com­pa­nies, pri­vate in­vestors and ven­ture cap­i­tal com­pa­nies based in Ire­land, the UK and the US, it is un­der­stood. Sean Melly, of Pow­er­scourt Cap­i­tal, is lead­ing the raise, which fol­lows an ini­tial €500,000 in­vest­ment by En­ter­prise Ire­land.

“The com­pany was born out of my frus­tra­tion search­ing for park­ing across Dublin,” said Parkpnp chief ex­ec­u­tive Gar­ret Flower, who co-founded the firm in 2016 with Daniel Paul. “In­ves­ti­ga­tion shows this is a shared global prob­lem. As pop­u­la­tions grow, car numbers are ris­ing, while de­mand for space is greater than ever. It’s time to en­ter an era where peo­ple can park smarter.

“Peo­ple can list their park­ing spot per hour, per day, per week, what­ever. When Dublin Air­port was packed in July, peo­ple were rent­ing out their drive­ways close by. Some of them were then even drop­ping peo­ple up to the air­port, so it be­came like a cross be­tween Airbnb and Uber.” Parkpnp aims to cut out all the in­ef­fi­cien­cies of park­ing, said Flower, who also runs suc­cess­ful bak­ery dis­tri­bu­tion busi­ness Krust.

“Our man­age­ment so­lu­tions com­bine our cut­ting-edge hard­ware and soft­ware op­tions to seam­lessly work with all space-own­ers, em­pow­er­ing them to man­age their park­ing real-es­tate more ef­fi­ciently,” he said, claim­ing that Parkpnp was lead­ing “the grow­ing global ne­ces­sity” to rapidly mod­ernise the €100bn park­ing in­dus­try.

“Each and ev­ery one of more than a bil­lion cars in the world needs to be parked some­where. With rapid ur­ban­i­sa­tion, it’s more im­por­tant than ever to max­imise real es­tate and en­sure th­ese cars are parked as ef­fec­tively as pos­si­ble,” he said.

Parkpnp has over 3,000 spa­ces at more than 1,000 lo­ca­tions listed across the coun­try and now man­ages one of the largest port­fo­lios of park­ing real es­tate in Ire­land, said Flower. It cur­rently has 15 em­ploy­ees and ex­pects to dou­ble that num­ber as it opens of­fices in three Euro­pean lo­ca­tions fol­low­ing the fundrais­ing round.

Along­side its res­i­den­tial port­fo­lio, Parkpnp also works with larger car park op­er­a­tors such as Euro Car Parks and the Dalata Ho­tel Group to help them max­imise rev­enue from their spa­ces.

Parkpnp’s ceo Gar­ret Flower

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