CAPE TOWN – Prop-tech, the start-up founded by Palesa Moloi and later joined by her business partner, Michael Savvides, is breaking ground in the parking space.
ParkUpp specialises in the commoditisation of latent parking through a parking marketplace, it enables private and commercial property owners to capitalise on unused parking spaces.
ParkUpp has found a niche market for safe and secure long-term parking at an affordable price. This fresh idea came to life when Moloi realised that there were many cars parked on the side of the road while most parking facilities had about 40 percent idle parking in stock.
Moloi says ParkUpp is the perfect opportunity for property owners to capitalise on by listing their parking on the platform. “We had a very successful pilot project in collaboration with our first client, a property development company that has about six buildings in Braamfontein with about a thousand empty parking spaces.”
The pilot enabled the ParkUpp team to hone their product to the market with their first customer as part of their go-live strategy. The website ParkUpp.co.za takes visitors on an intuitive journey to find long-term parking and also helps property owners list their parking spaces. All listings are shown with address details and clear photos of the space.
The benefit of using ParkUpp for property owners is that the listing is at no cost, they merely pay a 15 percent commission upon occupation. The platform already has more than 200 listings on the platform.
The start-up was funded by Dr Sedise Moseneke who gave the team a shoe string budget for the team to experiment with.
BUSINESS REPORT ONLINE