Get My Parking (GMP) has declared a partial secondary sale for the vested ESOPs of current as well as former employees as part of the recently completed fundraise of $6 Million led by IvyCap Ventures and existing investor IAN Fund.
Chirag Jain, CEO, Get My Parking, commented on the announcement, “We owe our success and growth to our team. There is no bigger satisfaction as an entrepreneur than to see our team members getting rewarded as we continue to scale up and create more value.”
Their IoT solution integrates seamlessly with legacy equipment, allowing parking lots to be fully automated and remotely managed.
GMP enables parking operators and mobility companies to launch a white-labeled consumer app that lets their consumers discover and pay for parking spots online. GMP Permit, their latest product, is a parking permit management solution that allows operators to issue monthly permits and manage contract parkers.
Get My Parking’s approach to solving global mobility issues by transforming parking real estate into intelligent mobility hubs has attracted partnerships from major mobility companies.
Some of these include Mercedes-Benz and APCOA as well as several food deliveries, EV charging and e-commerce logistics companies in Europe and the USA. With the recent fundraise and the subsequent liquidation of ESOPs, Get My Parking has plenty of external validation of a bright future.
When that is combined with their great workplace culture emphasized by the glassdoor rating of 4.2, GMP has become a highly desirable place to work for. This is helpful as they are hiring extensively for their tech and product teams.
More than 80% of members of the organization who have vested employee stock ownership plans (ESOPs) were eligible for the sale. Get My Parking allowed employees to sell up to 40% of their vested ESOPs.
As Get My Parking continues to expand across the world, ESOPs provide a great way for employees to benefit from the company’s wealth creation journey. Owning ESOPs also aligns the employees’ incentives with the company’s, providing them with a shared goal to work towards.
Indicators of prosperity like ESOP liquidation are much-needed in trying times like these when the economy is jeopardized by the pandemic. However, GMP employees have the comfort of knowing that the company is thriving financially.