CBD carparking startup Divvy raises $2.5M in breakthrough round

Divvy, the digital startup that’s hoping to bring disruption to commercial carparking in Australia’s capital cities has taken its business up a notch, after a $2.5 million Series A funding round, adding to the initial $300,000 in seed funding.

The Sydney-based company declined to reveal who’s behind the cash injection, which will be used to improve and fast-track the roll-out of its tech platform, which gives users access to unused short and long-term car parking spaces in Melbourne, Brisbane and Sydney, as well as hiring key staff for its next wave of expansion.

The platform lets property managers and parking operators manage parking assets more efficiently and cost-effectively by instantly connecting drivers with under-utilised spaces.

Founder and CEO Nick Austin claims his company is “dramatically improving access to affordable parking in major cities, opening up existing spaces to commuters and helping property owners improve the yield on their assets”.

The startup also has partnership deals with a number of major commercial property firms, including DEXUS Property Group, GPT Group and Knight Frank, to use the Divvy platform to help manage car parking assets.

Knight Frank managing director Aaron McGhee said Divvy had already made a difference to the way his company managed its parking assets.

“We’d been looking for an innovative solution for some time. The industry is crying out for it. Working with agile technology companies is part of our ongoing strategy and Divvy has played a key role in driving us forward in this space,” he said.

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