admyt, the leading ticketless parking company, has announced that it has agreed to terms with REdimension Capital regarding a c.R30 million investment in the company.
The funds will be used to drive product enhancements, expand the number of admyt-enabled locations and to scale its dominant user base across its focused nodes in South Africa.
The transaction is the first investment for the REdimension Real Estate Technology and Sustainability Fund, which is advised by REdimension Capital and backed by strategic partners including Burnstone Real Estate Partners, Growthpoint Properties, Rand Merchant Bank, Liberty Group, and Sphere holdings, among others.
admyt was founded in 2015 with a focus on enhancing the parking user experience by providing seamless and ticketless access to retail, office, and mixed-use properties across the country. Leveraging license plate recognition software, the company has managed over 9 million parking events since its inception and today, it boasts a user base of over 120 000 consumers across sixty sites. Its range of parking solutions include paid parking, tenant and visitor parking, bay bookings, parking marketplaces, and more with data and reporting tools providing insights into parking analytics.
The transaction reflects REdimension Capital’s view that an improved user experience for real estate starts at the point of entry. Ticketed parking, currently an onerous process, is at an inflection point where new technology such as those provided by admyt, are gaining significant traction with consumers.
The growth capital, combined with access to REdimension Capital’s broad network of investors, owners, and operators, will allow admyt to collaborate and optimise its product offering, open up new focus nodes across South Africa and accelerate growth of its user base.
“2023 has been another year of significant momentum for admyt, marked by successful launches at V&A Waterfront, Table Bay Mall, and numerous other strategic locations. Building on this success, this transformative investment from REdimension will play a pivotal role in accelerating our growth, enabling us to expand our presence across major metros in SA and allowing us to reach a broader user base. The funding also supports our commitment to enhancing our product experience and optimising asset performance for landlords. We are particularly excited about our partnership with REdimension, as their strategic approach aligns perfectly with our focus on deeper landlord collaboration and partnerships that leverage technology for better outcomes. This investment is a crucial step towards fulfilling our vision of a fully ticketless future, bringing greater efficiency, sustainability, and an enhanced user experience,” comments Kfir Rusin and Devon Beynon, Joint Chief Executive Officers of admyt.
“As the founder of admyt, witnessing our company embrace this dynamic new chapter with REdimension is truly exhilarating. Since inception, admyt has navigated through numerous fascinating phases, each contributing to our rich history of innovation in digital parking management. REdimension are much more than investors as strategic partners they bring a depth of expertise and forward-thinking perspectives. I believe this collaboration is a catalyst for extraordinary growth and sets the stage for us to continue revolutionising the parking experience. It will also fortify our commitment to building further customer-centric solutions,” says Jordan Wainer, the founder of admyt.
Commenting on the transaction, Peter Clark, Managing Partner of REdimension Capital says: “We are thrilled to be partnering admyt as a company focused on enhancing convenience and efficiency through a seamless parking journey. We focus on investments that deliver a demonstrable impact on how real estate is owned, used, and managed with an acute focus on lowering the sector’s carbon footprint. admyt’s highly innovative offering, and traction in the market, aligns with these principals and we look forward to working with their exceptional team to continue to drive a better user experience for consumers and landlords alike.”
