Docklands Ventures acquires South African startup, ParkUpp
Docklands Ventures has acquired South African startup ParkUpp, a marketplace that connects owners of parking spaces with companies and individuals in need of parking.
ParkUpp was founded in 2016 with the goal of improving the parking experience for shopping malls. After realizing that the market was too small, the company pivots in 2018 and launches its new model in 2019.
It allows property owners to list their parking spaces for free on the platform, with users able to book spaces for short or long periods of time, pay through the site, and gain access to the space.
Listed property funds across the country use the startup’s solution, which includes shopping centers, private parking facilities, and co-working spaces.
In 2021, the company unveiled Troob, an Airbnb-like platform for art galleries, photo studios, and film sets that will launch in New York in early 2022.
ParkUpp has now sold its parking business, website, brand, and data to Docklands Ventures, a South African real estate firm owned by ex-JLL chairman for Sub-Saharan Africa Mark Bradford.
“This is my first exit as a business owner.” I couldn’t be more pleased to hand it over to an experienced professional like Mark, who brings not only experience but also a vast network. Palesa Moloi, CEO of ParkUpp, stated, “I believe ParkUpp is in good hands and will continue to prosper and grow.”
Bradford described ParkUpp as a great addition to his portfolio of companies, and he intends to use the synergies between them all to build a powerful ecosystem of prop-tech ventures in South Africa.
“ParkUpp is a market leader in terms of innovation.” Docklands is ecstatic to carry on the legacy and grow the brand. “I wish Palesa and her team the best of luck with Troob as they travel to New York to begin a new chapter,” he said.
