Australian peer-to-peer asset marketplace Spacer – which connects those with space (spare storage, warehouse, garage, car spot space etc) with those who need it – has acquired Where I Park Inc. (“WhereiPark”), a leading monthly parking marketplace in North America.  

Existing Spacer investors including high net worth technology & institutional investors participated in a capital raise to facilitate the transaction. 

Spacer’s acquisition of WhereiPark has been completed for an undisclosed amount comprised of cash and scrip and WhereiPark will be integrated into Spacer’s operations and led by former DealDirect co-founder and Group CEO Mike Rosenbaum and WhereiPark founder Jeremy Zuker.  

Mr Rosenbaum states: “We are all about monetising space and minimising waste. We are already working with real estate owners to adapt to the changing nature of alternate asset leasing. Our technology helps them meet modern consumer demands for flexibility and convenience. This extends to more regions, and new verticals such as warehousing or office leasing.”

Mr Zuker says “It’s rare to find two companies that fit together so neatly in terms of purpose, business ethos and synergy for growth. We’re very excited about the opportunity to create even more value for our real estate partners through our combined scale.”   

Leasing of alternate asset classes, excluding commercial or residential leasing, such as parking, self-storage and warehousing represent a multi-trillion dollar industry globally, and owners are embracing new technologies such as Spacer to meet changing consumer needs for flexibility, on-demand without the need to lock in long-term leases.  

Spacer’s marketplace for alternate assets launched in 2016 and has quickly grown to be profitable and cash-flow positive. The acquisition of Whereipark is the latest step in Spacer’s rapid expansion into the North American real estate alternate asset market.