ParkBee, a Dutch startup has picked up €5 million in new funding for its Parkmobile and Park-line apps that let users book private car parking. The round was led by German-based Statkraft Ventures, with participation from existing investor InnovationQuarter. The app allows private car parks to monetize their underutilized spaces. ParkBee will use the raised amount to scale its business in the UK. Originally launched in Amsterdam in 2016, ParkBee has 60 parking locations on its app in Amsterdam city.
According to the British Parking Association (BPA), “drivers in London typically spend almost eight minutes searching for somewhere to park after each journey“. This translates into 44 hours a year, nearly one week in wait-time. The time is significantly higher for New York drivers that spend as much as 107 hours per year just to find parking. Given the figures, ParkBee’s move to expand and scale its London operations makes a lot of business sense. The startup also created buzz last year when it was selected to be the most promising from 25 top start-ups in real estate fair Expo Real held in Munich.