Real estate investment company Docklands Ventures has acquired South African prop-tech startup ParkUpp for an undisclosed amount.
Founded in 2016, ParkUpp is a marketplace that connects owners of parking spaces with companies and individuals who need parking. The website focuses on daily to monthly parking, providing a seamless booking and payment system. Property owners benefit by not having to source, sign, or secure payment from a new tenant.
The startup’s solution is used by listed property funds across the country including shopping centres, private parking facilities and co-working spaces. In 2021, the company announced its new brand Troob: an airbnb-like platform for art galleries, photo studios, film sets – set to launch in New York in early 2022.
Mark Bradford, CEO of Docklands, said the acquisition is a great addition to his portfolio of companies and he plans to use the synergies across them all to create a powerful ecosystem of prop-tech ventures in South Africa.
“ParkUpp is an innovative market leader. Docklands is excited to continue the legacy and grow the brand. I wish Palesa and team the best with Troob as they venture to New York to start a new chapter.” – Mark said.
The acquisition of assets increases the Dockland Ventures portfolio of prop-tech activities, solving unique problems and driving innovation across for the real estate market.
“This is my first exit as an entrepreneur I couldn’t be more proud of hand it over to an experienced individual like Mark who not only brings experience but his vast network too – I believe ParkUpp is in safe hands and will continue to prosper and grow,” said Palesa Moloi, CEO of ParkUpp.