Real estate investment firm Docklands Ventures has acquired local parking marketplace ParkUpp for an undisclosed amount.
Founded in 2016, ParkUpp is an app that connects owners of parking spaces with companies and individuals who need parking.
The platform focuses on daily to monthly parking, providing users with a seamless booking and payment system. Property owners benefit by not having to source, sign, or secure payment from new tenants.
The start-up’s solution is used by listed property owners across the country, including shopping centres, private parking facilities and co-working spaces.
Docklands Ventures invests in, advises, promotes, innovates and develops proptech strategies, products and networks for its own account and on behalf of third-parties.
Founded by entrepreneur Mark Bradford, the investment firm is the developer and owner of MarketTrade.co.za, an online marketplace for the buying and selling of commercial property.
Bradford, CEO of Docklands, says the investment 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 SA.
Last year, ParkUpp announced its new brand Troob Space, an Airbnb-like platform for art galleries, photo studios and film sets that is due to launch in New York this year.
“ParkUpp is an innovative marketplace. Docklands is excited to continue the legacy and grow the brand. I wish Palesa [ParkUpp CEO Palesa Moloi] and team the best with Troob as they venture to New York to start a new chapter,” notes Bradford.
The acquisition of assets increases the Dockland Ventures portfolio of proptech activities, as the company seeks to solve unique problems and drive innovation across the real estate market.
“This is my first exit as an entrepreneur. I couldn’t be more proud of the hand-over to an experienced individual like Mark, who not only brings experience but his vast network too,” notes Moloi.
“I believe ParkUpp is in safe hands and will continue to prosper and grow.”
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