Member Article

Smart parking app JustPark triples investment target on Crowdcube

JustPark, the smart parting app and website, has smashed its £1 million crowdfunding target by 370%, raising £3.7 million in 34 days through Crowdcube.

While the London startup is still open to receiving expressions of interest, the campaign is officially closed to investment, having raised the maximum amount allowed for SMEs under EU regulation.

This is the largest amount of money ever invested in a British technology business through equity crowdfunding, and the highest amount invested in a company in the history of Crowdcube, the UK’s largest investment crowdfunding platform.

Crowdcube’s previous top deal was the Mexican restaurant chain Chilango, which raised more than £2 million through its Mini-Bond in 2014.

More than 2,900 people invested an average of £1,200 in JustPark over the month-long campaign.

Members of the public were given the opportunity to claim a stake in the company for just £10, although the single largest investment was £500,000.

New shareholders will join JustPark’s existing backers, BMW i Ventures, the venture capital arm of automotive giant BMW and Index Ventures, one of Europe’s leading technology investors whose previous successes include Skype, Dropbox and JUST EAT.

Crowdcube co-founder Luke Lang said: “JustPark is one of a growing number of more established businesses to seek finance through crowdfunding. With JustPark already being backed by leading venture capital firms, we were not at all surprised in the level of interest from the crowd that this pitch received. JustPark was a fantastic investment opportunity and the results prove that.”

This was posted in Bdaily's Members' News section by Ellen Forster .