ParkUpp, a South African parking startup, has been acquired by real estate investment company Docklands Ventures.
Founded in 2016, ParkUpp is a marketplace that connects owners of parking spaces with companies and individuals who need parking.
ParkUpp focuses on daily to monthly parking, providing a seamless booking and payment system. Property owners benefit by not having to source, sign, or secure payment from a new tenant.
The startup’s solution is used by listed property funds across the country including shopping centres, private parking facilities and co-working spaces. In 2021, the company announced its new brand Troob: an Airbnb-like platform for art galleries, photo studios, film sets – set to launch in New York in early 2022.
ParkUpp Ltd has now sold its parking business, website, brand and data to SA based firm, Docklands Ventures, for an undisclosed amount.
Mark Bradford, CEO of Docklands, said this is a great addition to his portfolio of companies and he plans to use the synergies across them all to create a powerful ecosystem of proptech ventures 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.” – Mark Bradford, CEO of Docklands Ventures.
The acquisition of assets increases the Dockland Ventures portfolio of proptech activities, solving unique problems and driving innovation across the real estate market.
“This is my first exit as an entrepreneur I couldn’t be more proud of 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.” – Palesa Moloi, CEO of ParkUpp.
