Hyundai backing values London parking spot hunter at £50m

Hyundai backing values London parking spot hunter at £50m

A London tech firm that aims to end drivers’ hunt for parking spots was today valued at £50 million after raising almost £8 million from backers including motoring giant Hyundai.

AppyParking helps motorists track down unoccupied bays, navigate to them and then pay for the space for as long as it is used.

Founder Dan Hubert has contracts with councils across the UK including Westminster and the City of London Corporation, where disabled parking bays are dotted with AppyParking’s black disks that can tell if a car is parked there. It claims its sensor parking technology will be vital in the shift to driverless cars.

Now AppyParking has secured £7.6 million in a funding round led by venture capital firm West Hill Capital. Aviva Ventures, Japanese conglomerate Sumitomo, Hyundai and tech investors Breed Reply have put in funds as well as high-net-worth individuals. Hubert remains the biggest shareholder.

AppyParking began mapping all greater London’s road network’s parking restrictions last year.

It shows users the location, rules and prices for all on and off-street parking before motorists can link to navigation apps like Waze or Google Maps, drive to the parking space of their choice and pay for their space.

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