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Wednesday, 11 October 2017 02:01

Spacer parks alongside Parkhound, completes $2.7m funding round

By
 Roland Tam co founder and Director (left) and Mike Rosenbaum co founder and CEO of Spacer Roland Tam co founder and Director (left) and Mike Rosenbaum co founder and CEO of Spacer

Storage solutions marketplace provider Spacer has completed a $2.7 million funding round, at the same time announcing the acquisition of Parkhound, a marketplace for parking in Australia.

According to Spacer, with the rapid urbanisation of Australia’s major cities and the trend towards apartment living, the self-storage and parking sector is experiencing a massive transformation with marketplaces like Spacer paving the way with new technology.

Michael Rosenbaum, chief executive and co-founder of Spacer, says the key pillar to Spacer’s strategy has been to source, utilise and commercialise unused "space", typically from households and small businesses, and the next phase of growth will focus on offering commercial inventory and car park sharing with the acquisition of Parkhound.

“Following our most recent round of funding, the second phase of business growth is focused on tapping into Australia’s $1 billion market for parking space by acquiring peer to peer market leader Parkhound," he said.

“With cities becoming increasingly densified through urbanisation, many new apartment builds are only allocating one parking space for a two-bedroom unit, making parking ‘rentals’ high in demand along with self-storage.

“Acquiring Parkhound is a key milestone achievement for the business and a strategic move to become the leader in ‘space’ globally. Parkhound has built a solid foundation to successfully trade one of the biggest commodities, city parking. This complements Spacer’s business model that already includes parking to expand our offering and become the market leader. We have been following the company for some time and are excited to take Parkhound through its next growth stage.”   

Rosenbaum says the next phase of Spacer’s business growth is to concentrate efforts in becoming the market leader in parking rentals, building warehouse space listings, expanding further across the US and extending its portfolio with B2B listings.


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Peter Dinham

Peter Dinham - retired in 2020. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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