Online parking space platform YourParkingSpace has secured a £5m investment from Pelican Capital as it looks to scale the business.
The start-up, an online platform which helps property owners turn unused space into parking spaces which motorists can book to use, will use the funding to build its platform, which markets more than 80,000 parking bays in the UK.
It will also deploy the capital to hire 40 staff across its tech, sales and marketing teams over the next 12 months.
The start-up will also establish a new office in York.
YourParkingSpace chief executive and co-founder Harrison Woods said: “Alongside the funding, which will enable us to scale our on-demand and subscription parking marketplace, invest in our technology platform, and increase our ability to attract new commercial partners, Pelican brings varied experience and strong expertise in driving sustainable growth.”
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