JustPark has raised £3.7 million in a 34-day campaign on Crowdcube, more than tripling the original £1 million target, the business has announced.
The amount signifies the largest amount invested in a British technology company through equity funding. The campaign has now officially closed due to reaching the maximum amount allowed for SMEs raised under EU rules. However, the business says it is still open to expressions of interest.
JustPark is an app that connects drivers looking for a convenient space and parking space owners. Previous backers include 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.
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In the current campaign 2,900 people invested an average of £1,200. A stake of the company was available for any amount from £10 upwards. The largest single investment was £500,000.
Sharing economy company JustPark was founded in 2006. It will put the new funds towards improving its technology offering and increasing its customer base.
Founder Anthony Eskinazi said the company has been “overwhelmed” by the reaction to the crowdfunding campaign.
“The way that the public have got behind JustPark and put their faith in us has been a huge vote of confidence, and genuinely humbling,” he said.
“We’re now looking forward to the next stage of our growth and to working alongside a loud, proud collective of our most passionate users to bring parking into the 21st century.”
Crowdcube Luke Lang called JustPark one of a growing number of “more established” business looking to raise funds through the website.
“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,” he said.