JustPark, a mobile app that allows people to rent out car parking spaces on their drive, has cut nearly half of its workforce, according to a Business Insider source.
The company, founded by Anthony Eskinazi in 2006, cut around 20 people, according to one source who is familiar with JustPark executives.
JustPark, one of the hottest startups in London according to Wired, currently employs 44 people, according to LinkedIn.
The company (formerly ParkatmyHouse.com) has received investment from multiple sources, including BMW i Ventures, a CrowdCube crowdfunding campaign and traditional venture capitalists like Index Ventures. Total funding in JustPark stands at more than $US5.7 million (£3.75 million).
While the idea has been well received, JustPark has been quiet on how much money it has been spending on marketing campaigns and hiring, raising suspicions that it could be spending more than it’s taking.
JustPark CEO Alex Stephany said there had been 10 redundancies that were concentrated on the marketing team, adding that the redundancies were part of a “refocusing”.
Stephany also added that JustPark has revenues that are now “significantly into seven figures and more than doubling year-on-year”.
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