Telecommunications and internet group SoftBank confirmed yesterday it has invested an undisclosed amount in US-based parking technology provider ParkJockey, at a valuation reported by TechCrunch to be $1bn.
The deal came days after reports that SoftBank was in line to lead a funding round for the company sized between $800m and $1bn.
ParkJockey has created an app-based system that allows users to book parking spots in advance, working with local business and venue owners who can access data on parking patterns and streamline payment processes through the platform.
Mubadala Capital, the Abu Dhabi sovereign wealth fund that had been touted to take part in the round, was not named as an investor, but has joined ParkJockey to acquire parking manager Imperial Parking Corporation from a subsidiary of pension fund manager Ontario Teachers’ Pension Plan.
Michael Ronen, managing partner at SoftBank Investment Advisers, which runs SoftBank’s Vision Fund, said: “The parking industry is a significant market but remains fragmented with many opportunities for technological innovation.
“Human mobility, however, is undergoing huge secular change and there is demand for new driver services, refueling, parking and vehicle staging near key high traffic locations. We believe ParkJockey is ideally placed to capitalise on these themes and transform the parking industry to create significant value for consumers and real estate owners alike.”
ParkJockey had received about $3m from angel investors in 2014 and added an undisclosed amount from now shuttered venture capital firm Expansive Ventures two years later.
Image courtesy of ParkJockey.
