JustPark Breaks the Bank on Crowdcube
Picture this: a parking‑spot app that’s just hit the mile‑marker of a million pounds in funding in less than four days.
What the Heck is JustPark?
JustPark is the brainchild of Anthony Eskinazi—the former chess master turned math whiz and ex‑Deloitte analyst—who founded the company in 2006 under the name ParkatmyHouse. Last summer, the brand got a facelift: JustPark.
Why Retail Investors Love It
- JustPark’s user base hit 675,000 quick‑step recruits.
- Annual revenue from bookings: a cool £3.7 million.
- Profit has doubled year on year—talk about a sweet return.
All these stats made it a prime target for everyday folks who want to pocket a slice of the action, starting at just £10 through Crowdcube.
How It Got Its Cash
Unlike typical crowd‑sourcing ventures, JustPark already had some heavyweight backing:
- BMW i Ventures – the venture arm of BMW.
- Index Ventures – already known for Skype, Dropbox, and Just‑Eat.
Index Ventures set the stage by pledging to turn a £500,000 loan into shares at the same price as the Crowdcube campaign, ensuring a smooth transition from debt to equity.
What’s Next?
The campaign remains open—so if you’re watching this and feel a spark, you can jump right in.
Bottom line: JustPark is not just a parking app; it’s a ride‑share revolution that’s getting the community’s backing in a big‑time way.
You already had funding from the BMW Group and VC firm Index Ventures. Why did you choose to crowdfund on top of that?
How We Rolled the Dice with BMW, Index, and the Crowd
Seed‑stage sparkle: When BMW tossed a modest £250,000 our company’s first breadcrumb. It was enough to wake us up, but we’d still crave a full cake.
Seeking the Mentor‑Madness
Two years later, 2013, we set our sights on Index—the venture‑capital whiz that’s graced a dozen IPOs. We knew crowdfunding was the gastronomic feast, but we also wanted that pricey bite of expertise they serve.
The Hybrid Match‑Made Strategy
Here’s the play: Index slid us a loan. The twist? They’re slated to swap that loan for equity—exactly at the same value the public would pay. Picture it like a “buy‑back” check‑mate with a money‑back guarantee.
- Pre‑money valuation for JustPark sits at a solid £20 million.
- Index hands over a £500,000 check.
- After the sale of shares, that £500k is retrieved—boosting credibility in the eyes of the crowd.
With this strategy, investors see a clear path: the crowd gets the same slate as the VC’s, and the public feels the confidence signal.
Bottom Line?
Having Index in our corner isn’t just about capital—it’s the Queen bee of validation, making the rest of the public’s wallet feel safe.
How did you know there was an appetite for the crowdfunding campaign?
Our Little Crowdfunding Experiment
Back in December 2013, we decided to test the waters with a quick poll—just a random 10% chunk of our customer base. The question was simple, the answer, all‑in!
What We Asked
- “Hey, would you be interested in a crowdfunding campaign?”
- No fancy jargon, just plain talk.
- Replied within just a few days.
How the Response Rolled In
The comments came in faster than a squirrel on a coffee binge. The sentiment was unmistakably phenomenal—the word “yes” echoed louder than a drumbeat.
What We Decided
So, without a second thought (and a dash of enthusiasm), we rolled out the crowdfunding launch. No hesitation. Just a bold move that turned curiosity into action.
And there you have it: a simple survey, an enthusiastic audience, and a spontaneous leap into the world of crowdfunding.
That was more than a year ago – so has this all been a long time in the making?
Our 2014 Journey: From Index Term Sheets to a Crowded Future
Why the paperwork felt like a marathon
Back in 2014, we snagged a term sheet from Index. The path ahead was clear, but the legal maze was nothing short of a giant labyrinth. We were mixing VC capital, a loan, and crowdfunding – a combo that had never been tried before. That meant sleepless nights, endless paperwork, and a whole lot of “wait for the lawyers to finish their spreadsheets.” Slow and steady was the motto.
Getting the numbers to look good
If we were about to dilute ownership, we wanted the company’s value to be sky‑high. Think of it as mixing a sweet cocktail; the stronger the brew, the better the flair. We had to present solid revenue and profit figures that would make investors swoon even before the crowds had a chance to jump in.
What we’ve turned into
- Rebranded from ParkatmyHouse to JustPark – a name that feels more like a passport to parking freedom.
- Launched a snazzy iPhone app and a dedicated car app that let drivers find spaces in a blink.
- Expanded the crew from 5 to 30 – because talent, when found, can turn the smallest idea into a buzzing machine.
Recruiting the best: a humorous side note
Hunting for great talent felt like searching for a unicorn in a haystack. We brought in brilliance, curiosity, and a dash of good-natured resilience. Each addition took its own little tour through the company, turning us into a tighter, faster squad.
In a nutshell
The Combo-VC-Loan-Crowdfunding journey was a roller coaster of legal labyrinths and transformative change. By the time we opened the door to the crowd, we were not just a new name and a fancy app – we were a company that had grown, evolved, and looked ready to take on the world. And that, folks, is the story behind our crunchy, bold move from 2014 to present day. Now the crowd’s waiting to see the spectacle.
You raised half of your £1m target within just 12 hours! How have you whipped up so much excitement?
How We Gave Our Customers a VIP Pass Before the Public Hype
Before we opened the gates to the world, we rolled out the campaign inside our own circle of fans.
Step One: The “e‑mail only” Outreach
We hit the inboxes of everyone who’d thrown their hat in the ring back in 2013. “Yes folks, we’re officially doing this!” we wrote, stirring up the same excitement they’d felt three years ago.
Step Two: The “Top‑Tier Fan” Alert
Next came the de facto A‑list—our most frequent users, whether they were renting out or steering the wheel through [parking spaces]. We gave them a heads‑up, just a few days before the launch. They felt like insiders before the crowd even queued.
Step Three: The Last‑Minute Ping for the Remainder
And right on the day that the public got the green light, we nudged the remaining customers with a quick email, keeping the suspense riding at the same pitch.
And the Grand Finale
While we handled the customer rollout, Crowdcube fired off its own fireworks of marketing. Investors moved in, the buzz grew, and the launch turned into a true community‑wide celebration.
Was going to your customers first a successful approach?
They’re the Voices, We’re the Stage—Why You’re Key
Why Your Fans Got the Front‑Row Pass
We were careful not to fill the seats before the crowd got a chance to sing it loud. After all, our real heroes shout from the rooftops—and that’s what turns dreams into anthems.
First Musician, Last Musician—Count the Crowd!
- 800+ fans have logged in and kicked their shoes on the floor.
- That’s about half the entire crew backing the project at this very moment.
What advice would you give businesses considering crowdfunding?
Why Some Businesses Find Crowdfunding a Natural Fit
Not every company is meant to launch a crowdfunding campaign, but many can thrive when they play to the right strengths.
It Works Best When…
- There’s a strong community vibe – people who feel like they’re part of the journey.
- The project tackles a relatable problem – not just a niche need, but something folks see on their own front porch.
- Prospective backers understand the issue clearly, so the call to action feels urgent and personal.
Key Ingredients for Success
- Accurate valuation – nobody likes an over‑priced or under‑priced promise.
- A compelling pitch that tells the story in a way that feels genuine.
- A high‑quality video that captures charisma and the core message.
- A trustworthy brand that people can easily connect with and expect to deliver.
That recipe isn’t exclusive to crowdfunding; it’s a solid strategy for any kind of funding quest. If you hit those marks, you’ll see people rally around your mission with enthusiasm and confidence.
You’ve hit your target, but the crowdfunding campaign is still open for investors. What are your plans now?
Still Hanging Tight on the £1 Million Mark
We’ve set £1 million as our sweet spot – the minimum goal we’d happily hit. And guess what? That door is still swinging wide for any investor keen to jump in.
We’re all about the “wait‑and‑see” vibe: if we gather more cash, great! If not, we’ll just keep the ball rolling.
Break‑down of the plan so far:
- Cash won’t arrive until: The crowdfunding campaign officially wraps up.
- Board chats topics:
- What’s the realistic upper limit we can set?
- Should we shut the doors now and shift the focus to execution?
Keep your eyes peeled – this is a live event. If you’re itching to invest in JustPark, hit up the campaign now.
Follow @sophiehobson for the latest updates.
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