Prop-tech startup ParkUpp is helping residents and property owners to make some extra cash from their unused parking. This is proving to be a winner for JanuWorry, the month that often brings financial stress post the December holidays for many individuals and businesses across South Africa.
ParkUpp already has over 4500 listings on its platform, predominantly in Johannesburg and Cape Town. They include The Union Castle building owned by Izandla Properties, Design Quarter on William Nicol Drive, along with other commercial and residential parking facilities.
The app has also been awarded some accolades from property industry incumbents such as the Women’s Property Network (WPN) for Young Achiever’s category and South African Institute of Black Property Professionals (SAIBPP) for Disruptor of the Year. Also headed to Silicon Valley for a two week bootcamp with Kingson Capital, a South African based Venture Capital firm.
This award winning platform not only creates extra income from empty parking spaces, it also decreases drivers’ anxiety of parking in unsafe space and also saves them a buck. In the Cape Town CBD, with over 45% cars parked on-street: paying an average of R18/hour, amounting to R2880 a month, ParkUpp users are able to save up to 50% by renting out a parking for R1500.
ParkUpp co-founder Michael Savvides says home owners or businesses often get frustrated when they find someone illegally parked in their bay. “Instead of being frustrated, list your parking during the times it is unused for people to park in your space legally. No one really wants to knock on someone’s door to ask for parking so our platform is removing that uncomfortable feeling.”
“We create trust between owners and drivers through our vetting processes. We save drivers 50% on parking costs and generate extra income for the owners and we also provide access to spaces that were previously inaccessible,” he explains.
“Our current focus is to increase occupancy rate for the listing parking bays, businesses and individuals who need parking can visit the platform to make a booking or suggest a location where you need parking,” he concludes.
As a driver, should you not find your preferred parking, email the team with suggested locations at email@example.com in order for them to find you safe, secure and affordable parking for you.
About ParkUpp (www.parkupp.co.za)
ParkUpp was founded by Palesa Moloi CA (SA) in 2016 as a prop-tech company capitalising on the fourth industrial revolution concept of transformation by commoditising the humble parking space into a money earner. In 2017 Palesa asked Michael Savvides MEng, MBA to join her on the board and to an executive role running business development. ParkUpp graduated from the University of Cape Town Venture Incubation Lab sponsored by MTN in 2018 and has grown gradually towards launch in early 2019.