AppyWay announces £20M Series B funding
ITS (UK) member AppyWay, the kerbside management and smart parking technology firm, today announces the launch of its £20 million Series B funding round. This will be used to support organic growth of the platform, strategic acquisitions, further technological investment and international scalability.
AppyWay is helping to digitise and integrate what is a highly fragmented, but high potential, market for mobility. In the UK, the government has invested well over £200 million into connected and autonomous vehicles (CAV) research and development since 2014, as well as several billion pounds into infrastructure investment for electric vehicles. In the UK, the mobility market is already valued in the billions of pounds, and across the world is predicted to be worth around £256 billion by 2025. The global connected vehicle data sector is set to be worth around US$450 billion by 2030, with the value of the global MaaS market exceeding £1 trillion.
AppyWay offers the most advanced platform of accurate, standardised data, APIs and tools for smart kerbside management in the world. It does this through effectively digitising the kerb, utilising IoT sensors to establish robust kerbside demand data, further enriching this via a wide range of sources such as payment operators, navigation and traffic solutions, mobility and last mile operators, mobile as a service (MaaS) apps, electric vehicle and infrastructure apps, plus a variety of other tools.
Through one Mobility API, AppyWay’s proposition helps to rejuvenate high streets by addressing parking difficulties, easing congestion, reducing pollution and improving air quality to create smarter, cleaner, efficient cities, more important than ever as a result of the COVID-19 pandemic. It also helps raise safety standards and enables kerbside compliance for drivers, fleets, and CAVs.
Among the organisations that will benefit most from AppyWay’s platform are councils. In the UK, 418 councils spend around £1 billion a year operating parking services1, while the cost of managing kerb regulation runs to about £126 million a year2. AppyWay helps councils more effectively utilise parking space, integrate payments and implement local traffic regulations. Councils already working with AppyWay include Milton Keynes, Cambridgeshire, Portsmouth, Harrogate, Coventry, Southwark, Cornwall, Dorset and more.
Ordinary drivers, fleets and logistics firms also gain advantages from AppyWay’s platform. Drivers in the UK waste an average of four days a year looking for a parking space3 and their parking fines come to around £1.2 billion a year4. Overall, the loss to the UK economy is about £6.9 billion a year5. Fleet and logistics firms such as Safo and Domex, and transport bodies such as TfWM are already using AppyWay’s platform to innovate their services and operations.
As part of its organic growth, AppyWay plans to invest in data capture and improving parking yield. It will also put money into data as a service (DaaS) for mobility service providers and vehicle original equipment 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. These funds were used to grow AppyWay’s world class mobility team, expand its Sales and Marketing functions, and accelerate new product and IP development.
Founded by Dan Hubert in 2013, AppyWay began mapping all of Greater London’s restricted road network in high definition, up to an accuracy of three centimetres. It now hosts the largest dataset of the UK’s kerbside restrictions which is aligned with the recently announced data standard by the Alliance of Parking Data Standards (APDS).
The fund-raising is being managed by Cavendish Corporate Finance.
Dan Hubert, CEO and Founder of AppyWay, said: “We’re thrilled to announce this funding round, which 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.”
Phil Smith, Non-Executive Chairman of AppyWay and ex-Cisco UK and Ireland CEO, said: “By transforming the parking experience, we believe you can transform the entire driving experience. Easy parking saves time and reduces stress, so it’s good for our well-being. That’s what we are able to provide. AppyWay is at the forefront of digitising and integrating the mobility market as well as helping to deliver the cleaner, smarter more efficient cities on which so much of our future economic prosperity depends.”
Jon Edirmanasinghe, Partner, Cavendish Corporate Finance, said: “AppyWay helps pave the way for a new era of smart cities through digital infrastructure and is led by a world class management team. The business occupies a unique market position by utilising IoT, alongside a wide and established partner network, to enable seamless end-to-end journeys for drivers of today and connected cities of the future. The business has built a significant sales pipeline and Series B funds will enable it to continue building on the strong commercial traction it has already achieved.”