Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

Online parking reservation firm raises £4m in maiden investment by EV Growth II

ParkCloud – an award-winning aggregator site which allows drivers to pre-book car park spaces online – has secured £4.0million equity funding from Mercia Fund Managers.

The investment is the first following the first closing of Mercia Fund Managers’ £45.1million EV Growth II Fund in December 2017.

It will enable ParkCloud to further develop its highly successful parking reservation technology, build its management team and allow two of the original founders to exit.

Established in 2008, ParkCloud enables drivers to search, browse and pre-book parking spaces at over 2,000 car parks at airports, stations, ports and city centres worldwide. The company, which runs its worldwide operations from Manchester, has over 3 million registered users.

ParkCloud works in partnership with car park operators, which gain exposure to its international client base, and with airports and airlines, who receive commission from passengers who book parking through its site or one of its white label products. A European leader in its field, ParkCloud operates in 42 countries and around 80% of its revenue is from overseas. In 2014 it won the Queen’s Award for Enterprise in recognition of its success in international trade.

The EV Growth II investment will give Mark Pegler, the Managing Director, a majority stake, allow co-founders Joseph Kennedy and Mark Pointon to step down, and, importantly, will provide further funding for growth. The company is planning to make a number of senior appointments in the coming months, and will further develop its e-commerce platform, and expand its partnerships with airports and airlines.

Mark Pegler, Managing Director of ParkCloud, said: “This year we celebrate ParkCloud’s 10th birthday, over which time we’ve established the ParkCloud brand and created a significant presence in markets worldwide. The start of our second decade will mark a step change for the company and having Mercia on board will help accelerate our growth. Our new structure supports our plans to explore new technologies, further enhancing the booking journey for our global network.”

Wayne Thomas, Jill Williams and Matt Molyneux from Mercia worked on the deal. 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.”

 Jonathan Diggines, Chair of the EV Growth II Investment Committee, who was instrumental in raising the EV Growth Funds, said: “ParkCloud is just the sort of innovative and ambitious SME that the EV Growth II Fund will be backing. Our experience of investing in regional SMEs over the years shows that they don’t just need access to capital: they also need patient, long-term support.”

Sophie Colloby of Dow Schofield Watts Transaction Services provided financial due diligence for Mercia and management on the deal. Sophie said: “ParkCloud is an innovator in the car parking sector, this a particularly exciting time for Mark and his team as growth with UK car parks is really accelerating.”

 Steven Lindsay at KJG Chartered Accountants provided fundraising advice for ParkCloud. Craig Scott at Hill Dickinson was legal adviser to Mercia, while Brabners advised the company.