October 10, 2017
Parkhound acquired by Spacer, to form the ultimate marketplace for space
Australia’s leading marketplace for parking, Parkhound (www.parkhound.com.au), today announced it has been acquired by Australia’s leading marketplace for storage solutions Spacer, following a successful $2.7M Series A funding round.
‘We started the business for one reason – to make it easier and cheaper for consumers to access parking – and we have gone a long way to achieving that goal. With the acquisition of Parkhound the business will hit new heights. Our members will gain even more scale, better options and even cheaper prices’, added co-founder, Michael Nuciforo.
“The acquisition is testament to our great team, who we can’t thank enough for their hard work and commitment, as well as all those who supported us throughout our start up journey.” continued Mr Nuciforo.
Parkhound is a thriving online community of over 55,000 members that can easily exchange and lease parking spaces with other drivers. Local residents and businesses make money from leasing a parking space and drivers get a cost effective and hassle-free parking experience. Parkhound has over 10,000 locations across Australia, where suppliers can make $400 to $700 a month renting parking, while those seeking parking can save up to 50% compared with other parking services.
“We’ve built Parkhound from an initial concept to a thriving marketplace serving the Australian community. The acquisition of Parkhound not only gives both businesses the opportunity to scale and grow, it’s also beneficial to our customers so we’re happy with the outcome. We’ll continue to work with Spacer for a seamless handover and look forward to seeing the marketplaces continue to grow and serve communities all over Australia and the world,” remarked Robert Crocitti, co-founder of Parkhound.
“We want to thank all of our members and all the local communities who dared to dream, that have embraced the platform and made it into the successful Australian icon it is today” continued Mr Crocitti.
“Following our most recent round of funding, the second phase of Spacer growth is focused on tapping into Australia’s $1 billion market for parking space by acquiring Parkhound. With cities becoming increasingly densified through urbanisation, many new apartment builds are only allocating one parking space for a two-bedroom unit, making parking ‘rentals’ high in demand along with self-storage,” comments Michael Rosenbaum, CEO and co-founder Spacer.com.au.
Acquiring Parkhound is a key milestone achievement for the business and a strategic move to become the leader in ‘space’ globally. Parkhound has built a solid foundation to successfully trade one of the biggest commodities, city parking. This complements Spacer’s business model that already includes parking to expand our offering and become the market leader. We have been following the company for some time and we are excited to take Parkhound through its next growth stage,” continues Mr Rosenbaum.
The acquisition, a significant transaction, marking the growing value of the sharing space economy and a landmark movement in Australia’s start up scene, includes all intellectual property, database, tech platform and customers, bringing the combined company’s inventory up to 20,000+ across storage, parking and warehouse space.
Launched in 2014, Parkhound has grown exponentially by disrupting the commercial car parking market. With Australian cities consistently ranking in the top 10 most expensive parking cities in the world, Parkhound has offered a much cheaper and convenient experience through its website and app booking service. Parkhound members have booked over 5 million hours of parking and its suppliers have made over $5 million in parking revenue this year alone. The founders, in an Australian series first, also rejected three investment offers on the Ten Network’s Shark Tank last year.
About Parkhound
Parkhound is an online community where members can easily exchange and lease parking spaces with other drivers. Local residents make money from leasing a parking space and drivers get a cost effective and hassle free parking experience.
About Spacer
Spacer is Australia’s premier marketplace for storage and parking, which connects Hosts (people or businesses with space) with Renters in their community. Founded by ex-Deals Direct CEO Michael Rosenbaum and former private equity professional Roland Tam, the company has closed $5 million from angel and private investors since October 2015. In March 2017, Spacer acquired Roost, the pioneers of peer-to-peer space sharing in the United States, and rebranded the company to become Spacer.com.
For further information
Michael Nuciforo, Parkhound Co-founder
+61 466 910 446
team@parkhound.com.au
www.parkhound.com.au
