Following a successful decade in business, ParkCloud has solidified its position as a market leading parking reservation provider, with a significant announcement today regarding the company’s future growth plans.
ParkCloud will be expanding its shareholder base with investment partner, Mercia Fund Managers, allowing the company to move forward with a new ownership structure.
Mercia Fund Managers’ equity stake, which has been invested through funding from its £45.1 million EV Growth II Fund, will enable co-founders Joe Kennedy and Mark Pointon to step down, and founder and current Managing Director Mark Pegler to focus on the continued growth of the company as majority shareholder.
Commenting on ParkCloud’s new commercial structure, Mark Pegler, said:
“This year we celebrate ParkCloud's 10th birthday, over which time we've established the ParkCloud brand and created a significant presence in a wide spectrum of markets: this coincides well with what will be a step change for the company, as we enter our second decade. Having Mercia Fund Managers on board for the next exciting phase of our business is really going to help accelerate our growth.
“First and foremost, we remain dedicated to our team, customers and suppliers, with our new structure supporting our plans to explore new technologies, further enhancing the booking journey for our global network.”
Wayne Thomas, who leads the EV Growth team, said:
“ParkCloud is the leading independent aggregator of its type and stands out within the industry due to its size and international reach. The business is well-positioned within the expanding travel market and has the potential for much further growth. This investment will allow Mark to pursue his growth strategy. We look forward to working with him as he continues to build the business.”
ParkCloud, simply put, lets drivers book a parking space in advance, in the same way as it’s possible to do with hotel rooms, restaurant tables…and even a coffee these days.
When traveling, parking is usually the last thing on anybody’s mind, but research shows that as much as 20 minutes is wasted when searching for a parking space. ParkCloud aims to solve that problem by letting customers make a parking booking, whether they are getting on a plane, taking a cruise, catching a train, or visiting a city or event.
ParkCloud was founded in 2008 as an online parking reservation service and within the 10 years, we’ve been operating our success and growth has been rapid.
Today we are an award-winning, global provider, working with car park operators across 42 countries to include them on our comparison search engine, which aims to give consumers the most user-friendly, efficient service possible when they need it most.
This bookable parking network is also made available to travel industry partners to help complete the itineraries of passengers worldwide.
Winner of Queen’s Award for International Trade
For more information, visit http://www.parkcloud.com