According to an Axios report, the investment will finance ParkJockey’s planned acquisition of parking lot operators Impark and Lanier. Both SoftBank and ParkJockey, however, have not issued a statement about the investment.
The report, which did not name any source, further revealed that Abu Dhabi’s Mubadala Investment Co, a state-owned holding company that can be characterised as a sovereign wealth fund, and a lender are expected to participate
The investment will be carried out by SoftBank Group and not by SoftBank Vision Fund.
SoftBank has joined major investors and companies that are seeking to change the world of transportation through autonomous vehicles and other technologies. Its reported investment in ParkJockey is aligned with this focus.
In July this year, Bloomberg reported that SoftBank Group has rolled out a new app, called BLUU Smart Parking, that will let drivers find and reserve parking spaces across Japan.
SoftBank, which did not disclose revenue targets or the size of its initial investment in BLUU, initially looked to work with companies that want to rent out space. The trial version began in August, followed by a full launch in October.
Founded in 2013, ParkJockey is a parking revenue and access control startup that allows real estate owners or parking operators to streamline their parking operations using smart software and hardware technologies.
“At ParkJockey, we can’t stand leaving our car at home just because we dread finding parking. We also don’t cause traffic or waste fuel while circling for parking. Instead, we are passionate about bringing efficiency to driving and reducing time lost in traffic,” the company said on its website.
Based in Miami, ParkJockey operates in Miami, Chicago, New York, San Francisco, and all major cities in the United Kingdom. It features parking spaces in garages, surface lots, and valet operations available through its app.