ParkCloud, a Manchester, UK-based online parking reservation company, raised £4m in equity funding.
Mercia Fund Managers’ EV Growth II made the investment.
The company intends to use the funds to further develop its parking reservation technology, build its management team and allow two of the original founders to exit.
Established in 2008, ParkCloud enables drivers to search, browse and pre-book parking spaces at over 2,000 car parks at airports, stations, ports and city centres worldwide. The company has over 3 million registered users.
ParkCloud works in partnership with car park operators, which gain exposure to its international client base, and with airports and airlines, who receive commission from passengers who book parking through its site or one of its white label products. A European leader in its field, ParkCloud operates in 42 countries and around 80% of its revenue is from overseas.
The EV Growth II investment will give Mark Pegler, the Managing Director, a majority stake, allow co-founders Joseph Kennedy and Mark Pointon to step down. The company is planning to make a number of senior appointments in the coming months, and will further develop its e-commerce platform, and expand its partnerships with airports and airlines.