Japan-based parking reservation application operator Akippa has raised an undisclosed sum from insurance group Sompo Japan Nipponkoa likely to be $10.8m, increasing its total funding to approximately ¥3.5bn ($32.8m).
Founded in 2009 as Galaxy Agency, Akippa runs a peer-to-peer parking space provision platform, allowing users to offer space on their properties, particularly those that are vacant, in order to alleviate space issues for nearby parking lot owners.
Akippa has formed a partnership with Sompo Japan Nipponkoa that will involve it leveraging the corporate’s nationwide network of 50,000 insurance agents in a bid to expand its market share. They will also work together to create dedicated insurance policies specialising in accidents in parking lots.
The round comes after Akippa collected $7.5m in June 2018 from postal service Japan Post Holdings, car rental service Nippon Rent-a-Car, broadcaster Chubu-Nippon, real estate developer Chishima Real Estate, conglomerate Sumitomo, Venture Business Partners and JR East Startup Program, subsidiaries of banking firm Fukuoka Financial Group and rail operator JR East.
The company had previously received $5m from restaurant and shopping centre owner Toridoll, media company Asahi Broadcasting Corporation, internet company DeNA and Globis Capital Partners, a vehicle for education provider Globis, in 2016.
DeNA had already provided an undisclosed amount of funding for Akippa two years earlier. It had secured $830,000 from venture capital firm Jafco in 2012.
