LONDON, Sept. 8, 2020
LONDON, Sept. 8, 2020 /PRNewswire/ -- AppyWay, the leading kerbside management and smart parking technology firm, today announces the launch of its £20 million Series B funding round. This will be used to support organic growth of the platform, strategic acquisitions, further technological investment and international scalability.
Founded by Dan Hubert in 2013, AppyWay is helping to digitise and integrate what is a highly fragmented, but high potential, market for mobility. In the UK, the market is valued in the billions of pounds, and worldwide is predicted to be worth £256 billion by 2025.
Now hosting the largest dataset of the UK's kerbside restrictions, AppyWay offers the most advanced platform of accurate, standardised data, APIs and tools for smart kerbside management in the world. It does this through effectively digitising the kerb, with IoT sensors establishing robust kerbside demand data, then enriching this via a wide range of sources including payment operators, navigation and traffic solutions, mobility and last mile operators, mobile as a service (MaaS) apps, and electric vehicle and infrastructure apps.
Through one Mobility API, AppyWay's proposition helps to rejuvenate high streets by addressing parking difficulties, easing congestion, reducing pollution and improving air quality creating smarter, cleaner, efficient cities, more important than ever post-COVID-19. It also helps raise safety standards and enables kerbside compliance for drivers, fleets, and CAVs.
As part of its organic growth, AppyWay plans to invest in data capture and improving parking yield. It will also put money into data as a service (DaaS) for mobility service providers and vehicle original equipment manufacturers. Its broader strategy around acquisitions is to accelerate city adoption and expand product functionality.
The new funding will build on the £10.8 million raised to date, including a £7.6 million Series A round that drew in blue-chip investors including Sumitomo Corporation, Hyundai Motor Company and Aviva Ventures, West Hill Capital, and Breed Reply.
Among the organisations that will benefit most from AppyWay's platform are councils and fleets and logistics firms. In the UK, councils spend £1 billion a year operating parking services, while the cost of managing kerb regulation runs to £216 million a year. Similarly, UK drivers waste four days a year looking for a parking space and the overall congestion cost to the UK economy is £6.9 billion year.
The fund-raising is being managed by Cavendish Corporate Finance.
Dan Hubert, Founder and CEO of AppyWay, said: "We're thrilled to announce this funding round, which will help us move further towards our goal of helping local authorities and businesses unlock the potential of their kerbs. Whether it is residents, drivers, businesses and councils, all stand to benefit from the mobility revolution that is underway."
Phil Smith, Non-Executive Chairman of AppyWay and ex-Cisco UK and Ireland CEO, said: "By transforming the parking experience, we believe you can transform the entire driving experience. AppyWay is at the forefront of digitising and integrating the mobility market as well as helping to deliver the cleaner, smarter more efficient cities on which so much of our future economic prosperity depends."
Jon Edirmanasinghe, Partner, Cavendish Corporate Finance, said: "AppyWay helps pave the way for a new era of smart cities through digital infrastructure and is led by a world class management team, occupying a unique market position by utilising IoT alongside a wide and established partner network."