Five month old ParkUpp has listed more than 3 600 parking bays on its platform. Included in this pool of sharable parkings are a number of empty parking bays in a building owned by Izandla Property: Union Castle building (UCB) situated in the heart of the city of Cape Town.
ParkUpp is an online sharing economy platform that connects property owners who have empty parking bays to drivers who need safe, secure, affordable parking. The opportunity for property owners is to increase non-GLA (gross leasable area) income and for drivers to be parked in safe spaces.
Drivers parked on the side of the road pay about R18 an hour which amounts to R2 880 a month. The platform is helping drivers find safe and secure parking at affordable prices. ParkUpp sold its first unsolicited parking for R1 200 at the UCB – this was the first ever booking for the startup. Proving the demand of the listed parkings and its business model.
Izandla, a female-led property fund (powered by Investec Property), is passionate about supporting black, female-led companies by including them in their supply chain. Being the first to receive a payout from the online platform, Izandla will be doing more work with the company to increase business opportunities for the proptech company.
“We are excited to be at the helm of an exciting proptech company which is changing the way we see parking. Izandla is a partner experienced in unlocking value throughout the property value chain. This is a smart, tech-savvy way of unlocking this potential and fulfilling our mandate to empower black service providers along the value chain of our business,” said Nonhlanhla Mayisela, CEO of Izandla Property Fund.
ParkUpp is focused on a B2B2C strategy where they work with parking facilities such as shopping centres, office blocks and private facilities to connect them to corporate occupants, co-working spaces, startups and individuals.