On Mar 07 2024 / by Abi Spence

Parkable raises NZ$4 million in oversubscribed round

Despite a tight local and global investment environment, New Zealand tech company Parkable’s latest raise has been oversubscribed and closed at NZ$4 million.

“We are very grateful to our existing shareholders who know the business well and have backed us again and we are delighted to welcome some strategic new US based investors to the Parkable family”, said CEO Toby Littin.

“We have had some sparkling growth, some really big new customers and our overseas markets are beginning to turn from potential into revenue drivers, but none-the-less, we did wonder in the current environment how this raise would go, so we are stoked at this vote of confidence.

“It’s a great end to the year and means we can just crack on and consolidate our global leadership position in parking management software for workplaces and commercial properties”, he added.

“Australia has already overtaken New Zealand as our biggest market and we plan for the US and perhaps the UK to achieve that within the next 18 months”, said Littin.

The funds raised will be used to continue the push into the US market where Chief Revenue Officer Byron Powell and Head of Customer Success Kezia Lynch relocated during the year.

“Each market has some specific dynamics and so we needed to send some of our best people to the US to oversee that development and growth.  We are now recruiting and customising product and approaches to fit local needs there and that is why we need this capital injection”, said Littin.

Parkable’s new US based investors were introduced to the company by New Zealand Trade and Enterprise (NZTE) as part of their investment attraction programme to encourage experienced US investors to back Kiwi businesses.

Parkable helps companies and property owners manage their employee and tenant parking experiences.  Employees and tenants use an app and parking access, payment, EV charging and other services are managed to suit tenancy contracts or company HR policies.

Parkable customers include Meta, Deloitte, and Microsoft

Parkable was founded  in 2016 by Toby Littin, Brody Nelson and Warwick Beauchamp and is headquartered in Auckland with 56 staff in New Zealand, Australia, United Kingdom and the USA.

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