AppyWay, the kerbside management and smart parking technology company, has launched its £20 million series B funding round to help support its future growth ambitions.
The funding will be used to support organic growth of AppyWay’s platform, strategic acquisitions, further technological investment and international scalability.
Part of the plans include investing in its data capture technology, as well as putting money into data as a service (DaaS) technology for mobility service providers and car 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.
The fund-raising is being managed by Cavendish Corporate Finance.
Dan Hubert, CEO and founder of AppyWay, said: “This funding round 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.
“Under-utilised on and off-street parking, along with outdated and inefficient processes and technology with high operating costs are features of many cities and towns across the UK.
“Councils are missing out on fair, effective and efficient revenue generation, along with the opportunity to reduce congestion and air pollution.
“A different approach is clearly needed if zero carbon targets are to be met and cities are to have the necessary infrastructure for electric and autonomous vehicles.”