Docklands Ventures, a real estate investment firm, has purchased ParkUpp, a South African startup that links owners of parking spots with enterprises and individuals who want parking.
ParkUpp began in 2016 with the purpose of enhancing the parking experience for shopping centres, but after realising the market was too limited, the company pivots in 2018 and launches a new model in 2019.
It allows property owners to post their parking spots for free on the platform, and users may reserve spaces for short or long periods of time, pay through the site, and have access to the space.
Listed property funds around the nation use the startup’s service, which includes retail malls, private parking facilities, and co-working spaces.
The business unveiled Troob, an Airbnb-like platform for art galleries, photo studios, and film sets, in 2021, with plans to start in New York in early 2022.
ParkUpp has sold its parking company, website, brand, and data to Docklands Ventures, a South African real estate firm founded by Mark Bradford, the former chairman of JLL for Sub-Saharan Africa.
“This is my first exit as an entrepreneur. I couldn’t be prouder to hand it over to an experienced individual like Mark who not only brings experience but his vast network too. I believe ParkUpp is in safe hands and will continue to prosper and grow,” said Palesa Moloi, CEO of ParkUpp.
ParkUpp, Bradford said, was a terrific addition to his portfolio of businesses, and he hoped to leverage the synergies between them all to build a robust prop-tech ecosystem in South Africa.
“ParkUpp is an innovative market leader. Docklands is excited to continue the legacy and grow the brand. I wish Palesa and team the best with Troob as they venture to New York to start a new chapter,” he said.