#Asia Divvy bags US$1.7M Series B to secure a ‘parking space’ in Asia

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The Australian startup has also roped in former Microsoft R&D Head James Simpson as CTO, and businessmen Steve Vamos and Peter Gammell to Advisory Board

Divvy Parking CEO and Founder Nick Austin

Divvy Parking CEO and Founder Nick Austin

Sidney-headquartered vehicle parking solutions startup Divvy today announced that it has received AU$2.5 million (US$1.7 million) in Series B round of funding from a few unnamed investors in Australia and Hong Kong.

This round brings the company’s total investments till date to US$3.7 million. Early last year, the startup had raised US$1.7 million in Series A, preceded by an over US$200,000 seed funding in 2013.

The startup plans to use the fresh capital to roll out new parking networks in central business districts (CBDs) across Australia, following a successful pilot project in Sydney, as well as to expand to Asia, particularly in China.

Divvy has also announced the appointment of leading Australian businessmen Steve Vamos and Peter Gammell to its Advisory Board, and roped in former Microsoft Head (Research Development) James Simpson as CTO and Director.

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“We are now looking to capitalise on a number of opportunities that will scale Divvy globally, and maintain momentum and market share in the local commercial property market,” Nick Austin, CEO and Founder of Divvy, said in a statement.

“We’re currently eyeing Asia for international expansion, particularly China, where car ownership is expected to grow by roughly 10 per cent per year and congestion issues continue to plague major cities. Divvy Parking has been in partnership discussions with a number of large players in the Asian commercial property market and we’re excited about what 2016 has in store for us,” he explained further.

A spokesperson also added that Divvy has been in discussion with a number of partners in Hong Kong, and will look to replicate the strategy it has pursued in Australia, but tailor it for the local market and transport challenges. It includes understanding the needs of commercial property owners, managers and the overall transport system, and building solutions to suit their needs.

Also Read: These startups want to solve China’s traffic troubles

Divvy is a Sydney-based transport tech startup that connects commuters with under-utilised parking spaces in CBD commercial office towers.

Apart from having partnership with the New South Wales transportation agency to help implement smart technology solutions to ease congestion issues associated with George Street Light Rail, the startup also partners with major commercial property groups such as DEXUS Property Group, Knight Frank and GPT Group.

The post Divvy bags US$1.7M Series B to secure a ‘parking space’ in Asia appeared first on e27.

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