JustPark has broken UK records for technology equity crowdfunding by raising £3.7 million through the Crowdcube platform.

The app and website connects parking space owners with drivers looking for a convenient space, and smashed its £1 million crowdfunding target by 370 percent, raising the £3.7 million in 34 days.

Startup JustPark wants to bring parking 'into the 21st century'. Image credit: JustPark
Startup JustPark wants to bring parking 'into the 21st century'. Image credit: JustPark

While JustPark is still open to receiving expressions of interest, the campaign is officially closed to investment having raised the maximum amount allowed for SMEs under EU regulation.

The amount raised is also the highest figure generated by UK-funding vehicle Crowdcube, whose previous top deal was for Mexican restaurant chain Chilango, which raised more than £2 million last year.

More than 2,900 people invested an average of £1,200 in JustPark over the month-long campaign. Members of the public were given the opportunity to claim a stake in the company for just £10, although the single largest investment was £500,000.

New shareholders will join JustPark’s existing backers BMW i Ventures, the venture capital arm of automotive giant BMW; and Index Ventures, one of Europe’s leading technology investors, whose previous successes include Skype, Dropbox and JUST EAT.

JustPark said it will put the new funds towards growing its community of users in the UK and around the world. It will also create more new technology to tackle the “pain of parking”, it says, following the in-car app it developed last year in collaboration with BMW, which allows drivers to manage the entire parking process directly from their vehicle dashboards for the first time.

JustPark founder Anthony Eskinazi said: “We’ve been overwhelmed by the positive response to our crowdfunding campaign. The way that the public have got behind JustPark and put their faith in us has been a huge vote of confidence, and genuinely humbling.

“We’re now looking forward to the next stage of our growth and to working alongside a loud, proud collective of our most passionate users to bring parking into the 21st century.”