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AppyParking Closes £7.6 Million Series A Funding

AppyParking Series A Funding

AppyParking Closes £7.6 Million Series A Funding

 AppyParking Closes £7.6 Million Series A Funding

* Funding to accelerate the firm’s mission to make parking forgettable by
digitising the kerb, helping unlock intelligent mobility for the public
and private sector.

Business Wire

LONDON -- July 16, 2019

AppyParking, the kerbside management and mobility technology firm that is
transforming parking for motorists and empowering local authorities and car
park operators to better manage their assets, announced that the company has
just closed a £7.6 million Series A round.

The funding round includes new strategic investment from Hyundai Motor Company
and Sumitomo Corporation. It was led by West Hill Capital, the London based
venture capital firm, with participation from existing investors Aviva
Ventures and Breed Reply. The investment brings AppyParking’s total funding
since launch to over £11 million and will enable the company to accelerate
product development, support domestic and international growth and continue to
expand their talented team.

Founded in 2013 with the launch of their award-winning smart parking app,
AppyParking is on a mission to make parking forgettable and help prepare
cities for the rise of autonomous vehicles. They were the first company in the
world to focus on the need to create a ‘digital infrastructure twin’ of all
kerbside restrictions to enable better access for all types of road-users.
Last year the company began mapping all of Greater London’s restricted road
network in high definition, up to an accuracy of 3cm. AppyParking now hosts
the largest dataset of the UK’s kerbside restrictions which is aligned with
the recently announced data standard by the Alliance of Parking Data Standards
(APDS), with over 400 towns and cities forecasted to be mapped by the end of
this year.

Dan Hubert, Founder and CEO of AppyParking: “Across the world ‘Smart City’
projects are underway to develop autonomous vehicle and intelligent mobility
solutions to help save our cities from grinding to a standstill. The challenge
is real and technological innovation is racing ahead of the legacy
infrastructure in place to manage a key piece of city real estate – the kerb.
By empowering local authorities with the tools that help them better manage
and open up their kerbside, we’re helping them to address key issues like
congestion and air quality, whilst also laying the future foundations for
truly sustainable intelligent mobility. It’s a real achievement for the whole
team to secure this investment and I’m extremely excited to have Hyundai and
Sumitomo on board to support our mission. Work is already underway to take our
mission global as we aim to make the humble kerb work for everyone, and help
cities thrive.”

Takashi Yamana, President and CEO of Sumitomo Corporation Europe, commented:
“With existing mobility service across the Nordic region and ‘Smart City’
projects in Europe and Asia, we expect through this investment we can harness
AppyParking’s technology and innovative approach to support these existing
businesses, whilst of course helping accelerate their growth internationally.”

Dr. Yun-seong Hwang, Vice President of Hyundai Motor Company added: “We
believe that parking and kerbside access are key components to enable the full
potential of any future mobility strategy. We recognize that AppyParking’s
competencies and technology could solve important parts of the mobility
ecosystem and this aligns with Hyundai’s strategic vision.”

Read the rest here.