The idea

Problem: It is stressful and frustrating to find a parking space. Up to 30% of city centre traffic and the resulting pollution is caused by drivers circling around to find parking. Parking is overpriced in big cities around the world and cars are vulnerable when parked on-street
Solution: Aggregate underutilised spaces at private homes, hotels and other public spaces to give drivers instant on-demand access to a network of affordable parking spaces while providing additional income to space owners, through in-car or mobile apps
Ambition: To become the world's leading online parking marketplace

Source: UCLA, Washington Post, JustPark

The prize

Market: The global parking market is estimated to be worth £50bn. The UK accounts for £3.4bn of the global market. The number of "connected cars" on the road is forecast to breach 60 million by 2020
Target: Primary focus is the 45.5 million drivers in the UK. JustPark currently has just 1.4% penetration of this market and has enormous growth potential. It is also the online sales and marketing channel for car park operators (who typically run at 60-70% capacity) and homeowners who want additional income from their driveways

Source: Frost & Sullivan, IBM survey, ONS, BBC, GSMA

the exit

Advantage: JustPark has 650,000 drivers and 25,000 property owners in the UK alone, bigger than all their competitors combined. Its app provides significantly better functionality and UX than its competitors. It was the first to launch an in-car dashboard app to help drivers find, book and pay for parking. It has niche know-how on scaling the business alongside its rising user base. It is able to attract talent from blue-chip companies, unlike its competitors
Potential exits: 
- Trade sale to OEM (e.g. BMW, VW) or a data driven internet company

Source: FT, Index Ventures, Airbnb