Hedman Partners advised prominent investor Rain Lõhmus’ investment firm Lõhmus Holdings on investing 100 000 EUR in Barking – the developer of a mobile parking app. The investment will go towards marketing the parking app on export markets – the first parking lot operated by Barking will soon be launched in Sofia, Bulgaria.
Barking has developed a parking application that helped to create 1200 additional parking spaces in Tallinn. The innovative sharing economy business model allows parking space owners to earn additional revenue by renting out the parking spaces at times when the spaces are vacant.
The innovation lies in the fact that the mobile app also allows access to parking spaces restricted by gates or barriers.
Lõhmus Holdings is the investment firm of investor Rain Lõhmus, founder of LHV Bank and Hansapank. The investor group behind Barking also includes Marek Kiisa, who was one of the initial investors in GrabCAD.
Hedman Partners’ attorneys Merlin Salvik and Dmitri Tšimpoaka advised the transaction.