Docklands Ventures, a real estate investment company, has acquired local parking marketplace ParkUpp for an undisclosed sum.
“This is my first exit as an entrepreneur. I couldn’t be more proud of the hand-over to an experienced individual like Mark, who not only brings experience but his vast network too,” Palesa Moloi, founder of ParkUpp, said. “I believe ParkUpp is in safe hands and will continue to prosper and grow.”
Why The Acquisition?
The investment, according to Mark Bradford, CEO of Docklands, is a terrific addition to his portfolio of firms, and he hopes to leverage the synergies between them all to build a powerful ecosystem of proptech ventures in South Africa.
“ParkUpp is an innovative marketplace. Docklands is excited to continue the legacy and grow the brand. I wish Palesa [ParkUpp CEO Palesa Moloi] and team the best with Troob as they venture to New York to start a new chapter,” Bradford said.
For its own account and on behalf of third parties, Docklands Ventures invests in, advises, promotes, innovates, and develops proptech strategies, products, and networks.
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The investment firm is the developer and owner of MarketTrade.co.za, an online marketplace for the buying and selling of commercial property, which was founded by entrepreneur Mark Bradford.
Dockland Ventures’ portfolio of proptech operations has grown with the addition of assets, as the company attempts to solve specific problems and foster innovation across the real estate sector.
A Look At What PackUPP Does
ParkUpp, which was founded in 2016, is an app that connects parking space owners with businesses and individuals that require parking.
The platform focuses on daily to monthly parking and offers a simple booking and payment process to users. Property owners gain from the fact that they don’t have to find, sign, or obtain payment from new tenants.
Listed property owners around the country, including shopping malls, private parking facilities, and co-working spaces, employ the startup’s service.
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ParkUpp unveiled its new brand Troob Space last year, an Airbnb-like platform for art galleries, photo studios, and film sets that will begin this year in New York.
ParkUPP acquired ParkUPP acquired
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer