The parking app developer has lined up SoftBank as lead investor in a round in which it is looking to raise $800m to $1bn, with Mubadala Investment also set to take part.

Telecommunications and internet conglomerate SoftBank is set to lead a funding round for US-based on-demand car parking app developer ParkJockey sized at up to $1bn, Axios reported this week.

Mubadala Investment Company, the sovereign wealth fund of the emirate of Abu Dhabi, is also expected to take part in the round along with an unnamed financial services firm. It will consist of equity and debt financing and will be between $800m and $1bn, unnamed sources told Axios.

Founded in 2013, ParkJockey has developed a mobile app that enables drivers to find, book and pay for off-street parking spaces. The offering is currently available in the US and in the UK.

The company has also developed a system for owners of large venues such as stadiums and airports which offers a centralised dashboard providing an overview of traffic flow, revenue and big data analytics, together with ticketless payment kiosks and licence plate-recognition technology.

The software could be used to complement technologies such as autonomous driving and on-demand delivery services, both of which are areas of particular interest to SoftBank.

ParkJockey had previously disclosed approximately $3m of angel funding in 2014. Venture capital firm Expansive Ventures made an investment of undisclosed size in the company 2016 but shut down shortly thereafter.