ParkCloud, an aggregator which enables users to pre-book car park spaces online, has received £4m in equity funding.
Mercia Fund Managers invested in the business after closing its £45.1m EV Growth II Fund in December last year.
The startup says it will use the funding to develop its proprietary technology, boost its management team and enable two of the original founders to exit the business.
Set up 10 years ago, ParkCloud enables drivers to look for, browse and pre-book parking spaces at more than 2,000 car parks at airports, stations, ports and city centres worldwide.
The company, which operates from Manchester, claims to have over three million registered users.
Mark Pegler, MD at ParkCloud, said: “This year we celebrate ParkCloud’s 10th birthday, over which time we’ve established the ParkCloud brand and created a significant presence in markets worldwide. The start of our second decade will mark a step change for the company and having Mercia on board will help accelerate our growth. Our new structure supports our plans to explore new technologies, further enhancing the booking journey for our global network.”
Wayne Thomas, Jill Williams and Matt Molyneux from Mercia worked on the deal.
Thomas, who leads the EV Growth team, commented: “ParkCloud is the leading independent aggregator of its type and stands out within the industry due to its size and international reach. The business is well-positioned within the expanding travel market and has the potential for much further growth. This investment will allow Mark to pursue his growth strategy. We look forward to working with him as he continues to build the business.”