AppyWay, a UK-based parking management technology provider backed by corporates Microsoft, Hyundai Motor, Aviva, Reply and Sumitomo, opened a series B round on Tuesday with a £20m ($21.8m) target for its close.
Founded in 2013, AppyWay has built a system that helps businesses and local governments monitor street-side parking through feedback from internet-of-things sensors positioned along each road.
The company plans to use the series B cash to fund strategic acquisitions, technology development and overseas expansion.
Insurance firm Aviva invested $1.5 in AppyWay in 2016 through corporate venturing subsidiary Aviva Ventures. The unit joined Breed Reply, an investment vehicle for systems integration and services provider Reply, to add $1.8m the following year.
AppyWay secured $9.9m in a July 2019 series A round led by private equity firm West Hill Capital that included Aviva Ventures, Breed Reply, carmaker Hyundai Motor and diversified conglomerate Sumitomo. It had been part of Microsoft Ventures Accelerator in London the year before.