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.
“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.