Divvy Parking, the transport-tech solution that solves CBD parking issues for commuters and enables commercial property owners and managers to maximise the value of their parking assets, recently secured $2.5 million in Series B funding, along with a string of strategic heavyweight industry hires.
The capital raise brings Divvy’s total investment to $5.3 million, following a $2.5 million Series A funding round early last year and $300,000 Seed round in 2013. The latest funding comes from a number of undisclosed investors from Australia and Hong Kong.
Divvy’s platform connects commuters with underutilised parking spaces in CBD commercial office towers. Divvy’s industry changing mobile access technology unlocks these hidden spaces and makes better use of existing infrastructure in our cities, cutting down congestion and increasing connectivity.
Following a successful pilot in Sydney, the funding will go toward the roll-out of Divvy’s mobile building access technology across Australian CBDs, which will both connect and give commuters access to an entirely new network of thousands of CBD parking spaces bookable daily and monthly, shortly followed by hourly. The roll out of short-term parking commences next month and new spaces will be added weekly.
Great talent is parking at Divvy
The transport-tech startup also revealed a number of of strategic additions to the team, including prominent businessmen Steve Vamos and Peter Gammell, and Microsoft’s former Head of Research & Development James Simpson.
Vamos and Gammell have joined Divvy’s Advisory Board, while Simpson has taken the role of Chief Technology Officer and Director.
Vamos brings more than 30 years experience in the information technology and online media sectors, holds Non-Executive Director positions with Telstra and Fletcher Building, and was previously a Senior Executive with Microsoft and Apple and former CEO of Ninemsn.
Gammell is recognised as one of the country’s leading businessmen and is Director of several companies across Australia, the US, UK and China, including Seven Group Holdings.
The company has also made a number of hires from major players like Uber, Microsoft, Wilson Parking, and Regus, and has recruited the winner of NASA’s student award for lunabotics.
What do these moves mean for Divvy?
The strategic hires come off the back of Divvy’s partnerships with major commercial property groups such as DEXUS Property Group, Knight Frank and GPT Group, who are amongst a growing number of parking asset owners and managers who see smart technology as key to driving improved yield, tenant services, and data intelligence. The team will be key to securing important new industry partnerships across commercial property and government.
Divvy Parking founder and CEO, Nick Austin, commented on the funding and team milestones saying, “The demand for convenient short-term and long-term parking is only increasing amongst commuters who are pushing for a smarter, more accessible, flexible connected cities, the likes of which are already developed abroad.
“These business milestones are the next step toward Divvy’s goal of improving Australia’s transport and parking problem. We’re about to begin rolling out our short-term mobile access technology in select commercial properties across the CBD areas of Sydney, Melbourne and Brisbane, following a very successful trial period.
“We are now looking to capitalise on a number of opportunities that will scale Divvy globally and maintain momentum and market share in the local commercial property market.
“We’re currently eyeing Asia for international expansion, particularly China, where car ownership is expected to grow by roughly 10 per cent per year and congestion issues continue to plague major cities. Divvy Parking has been in partnership discussions with a number of large players in the Asian commercial property market and we’re excited about what 2016 has in store for us.”
Divvy Parking is currently working with Transport NSW to help implement smart technology solutions to ease congestion issues associated with George Street Light Rail.
