ParkCloud – an award-winning aggregator site which allows drivers to pre-book car park spaces online – has secured £4m from Mercia Fund Managers.
Dow Schofield Watts Transaction Services advised Mercia on the investment, which is the first from its 45.1m EV Growth II Fund.
The funding will enable ParkCloud to further develop its 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. ParkCloud works in partnership with car park operators, airports and airlines in 42 countries and around 80% of its revenue is from overseas. In 2014 it won the Queen’s Award for Enterprise in recognition of its success in international trade.
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, and, importantly, will provide further funding for growth.
Sophie Colloby of Dow Schofield Watts Transaction Services provided financial due diligence for Mercia and management on the deal. Sophie said: “ParkCloud is an innovator in the car parking sector, this a particularly exciting time for Mark and his team as growth within UK car parks is really accelerating.”
Wayne Thomas, Jill Williams and Matt Molyneux from Mercia worked on the deal.
Wayne Thomas, who leads the EV Growth team, said: “ParkCloud is the leading independent aggregator of its type and stands out within the industry due to its size and international reach. The business is well-positioned within the expanding travel market and has the potential for much further growth. This investment will allow Mark to pursue his growth strategy. We look forward to working with him as he continues to build the business.”