Tech startup closes €5m funding round to address parking stress in UK cities

ParkBee, a Netherlands-based startup with smart technology to open up private car parks to the public, has closed €5m in funding.

Founded in 2013 in Amsterdam by Jian Jiang and Tom Buchmann, ParkBee is bringing affordable and accessible parking at premium spots to London.

This round of investment is led by German-based Statkraft Ventures with participation of existing investors. Statkraft Ventures is backed by the Statkraft Group, Europe’s largest generator of renewable energy.

With over 60 locations in the Netherlands and around 20 locations opening in the last months in the UK, ParkBee uses smart technology that enables users to open up the barriers and doors from the RingGo and Parkmobile apps.

The €5m investment will ensure the company scales up in London, making a wider UK expansion possible in the near future. This funding round will also enable the UK team to grow from 10 full-time employees to 25 in the coming months.

According to a study published by INRIX, in London drivers spend an average of 67 hours a year searching for parking.

Tom Buchmann, co-founder and managing director of ParkBee, said: “It’s hard to believe that there are so many unused parking spaces in London, whilst parking in London is such a hassle.

“In the last two years in the Netherlands, and last months in the UK, we have proven we can open-up these hidden location, that are most of the time behind speed gates or barriers.

“By partnering with real-estate owners and our integrated solution in the Parkmobile and RingGo app you can now open-up the barrier or speedgate with a click of a button.”

The ParkBee technology is fully compatible to any parking system and provides entry for the consumer. ParkBee installs it’s smart hardware at the location and via their integrated software the location can be opened remotely through the Parkmobile and RingGo apps.

The real-estate owner keeps control and can still manage the availability and ParkBee will optimise the occupancy of the location.

Stefan Hülsen, senior investment manager at Statkraft Ventures, commented: “ParkBee is a fantastic example of a company providing a solution to a problem witnessed in many cities and large towns. While populations in numerous cities are becoming more dense, the infrastructure isn’t necessarily in the right state to deal with an increased demand.

“By making optimal use of the parking spots that are already available ParkBee opens-up new opportunities to park. ParkBee is a prime example of a company enabling cities to become smarter and fairer, while empowering citizens and businesses to improve and solve a problem.”

The list of private property companies ParkBee is already working with include JLL, BT and local councils.

Jont Cole, COO at JLL Professional & Advisory and Alternatives, added: “JLL is engaging with ParkBee to enable landlords to secure additional revenue from under-utilised car parking. This is an exciting type of service that will help transform how people park in cities across the UK.”

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