Cavendish Corporate Finance, experts in private growth capital fundraising and the UK’s leading mid-market M&A firm, has advised YourParkingSpace, the UK’s leading provider of peer to peer parking and intelligent parking solutions, on securing investment to support the next phase of its growth strategy.

The funds will be used to further develop YourParkingSpace’s proprietary technology which already markets over 80,000 parking bays in the UK from private individuals through to commercial providers including Tesco, Morrisons and Premier Inn. By using YourParkingSpace, space owners can monetise this underutilised resource whilst commercial clients across hospitality, retail and property can drive footfall and improve customer experience.

The investment will support the next phase of growth for the company. It is expected to create 40 new jobs over the next 12 months across the technology, marketing and sales teams, effectively doubling headcount and creating new jobs in London and its new office in York. The investment in sales and marketing will target both new commercial customers and the expansion of services with current clients.

YourParkingSpace’s technology and data is already being used to inform operators of the optimum location and models for electric vehicle charging points, with future opportunities being explored within the last mile delivery, dark kitchens and micro-mobility spaces. Geographical expansion is also a future growth opportunity for the business, with the Republic of Ireland being earmarked as well as Europe and Asia.

Cavendish has over 30 years’ experience in sell-side M&A and the deal highlights the firm’s expertise in the technology sector. The Cavendish Corporate Finance team was led by Technology Sector Partner Jon Edirmanasinghe.

Jon Edirmanasinghe, Partner at Cavendish Corporate Finance, commented: “We are delighted to have advised YourParkingSpace on its recent fundraise and to have found the right investor in Pelican Capital. The transaction will enable the business to accelerate future growth on its path to becoming a dominant parking technology provider. It was a pleasure working with Harrison, Charles, Chris and the rest of the team and we wish them well on the next part of their exciting journey.”

Harrison Woods, Chief Executive and Co-founder of YourParkingSpace, commented: “We are delighted to be partnering with Pelican Capital. Alongside the funding, which will enable us to scale our peer-to-peer 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. With their support, we look forward to working with more real estate owners to optimise their empty space and help them adapt to an increasingly digital future in parking.

We’d also like to place on record a huge thank you to Jon, Sam and the Cavendish team. From identifying Pelican Capital through to providing advice and support throughout the due diligence process, Cavendish deserve a great deal of credit for delivering the fundraise in an exceptionally challenging environment.”

 Anthony Francis, Partner at Pelican Capital, said: “The parking technology space is a highly attractive part of the mobility landscape with compelling growth characteristics and an important part to play in the future of transport. We’re thrilled to be partnering with a market leader in YourParkingSpace. They have an exceptional track record of delivery, differentiated technology, a blue-chip customer base and an exciting pipeline of opportunities.”