Finding a good parking spot in cities can be a tricky affair, irrespective of the country you are in. Besides, most car parks charge a premium for the same. However, did you know, in 2019, UK homeowners made £24M (approx. €26M) simply by renting out their driveways and empty spaces?
The 2019 figure is almost double the numbers registered in 2018 and 2017; setting a new record. Back in 2018 and 2017, the figures were £15M (approx. €16) and £12M (approx. €13) respectively.
One such company that is providing space owners to earn some extra cash is YourParkingSpace. This UK-based on-demand parking platform has raised £5M (approx. €5.4M) in a fresh round of funding from Pelican Capital to support the next phase of its growth strategy.
Put your parking space to work
YourParkingSpace was founded by Charles Cridland and Harrison Woods in 2013. It is an online marketplace designed to make it simple to park your car. The platform offers hourly, daily, and monthly parking spaces for rent UK-wide.
The company claims to have over 350,000 spaces across the UK from private individuals, as well as operators including Tesco, Morrisons, and Premier Inn.
The raised capital will help the growth of the company as well as create 40 new jobs over the next 12 months across the technology, marketing, and sales teams. This will double the company’s employee base, creating jobs both in London and in a new office in New York.
The investment in sales and marketing will target both new commercial customers and the expansion of services with its current clients.
Here’s how it works:
- Search: Find the space, whatever the requirement. Opt from quick daily trips to long-term monthly commutes.
- Book: Choose from parking spaces available on an hourly/daily or monthly basis. Receive instant confirmation and parking instructions.
- Park: Turn up and park following your provided instructions.
People who rent out their driveways on the site are seeing an average annual income of £2,100 (approx. €2,307) or £175 (approx. €192) per month.
The COVID-19 affect
The improvements in the platform’s technology will help drivers and owners adapt to shifts in behaviour caused by COVID-19.
The company’s research shows that returning workers are increasingly opting to drive instead of taking public transport. Also, an increase in customers of 40% has been seen compared to February, before the lockdown was imposed by the government.
As large space owners are suffering from declining footfall due to the shift to online shopping and commerce, this trend is encouraging them to look for other ways to optimise their parking estates.
YourParkingSpace’s technology and data are already being used to inform operators of the optimum location and models for EV charging points, with future opportunities being explored within the last-mile delivery, dark kitchens, and micro-mobility spaces.
Harrison Woods, chief executive and co-founder of YourParkingSpace, says, “Alongside the funding, which will enable us to scale our on-demand and subscription parking marketplace, invest in our technology platform, and increase our ability to attract new commercial partners.”
Image Credit: YourParkingSpace