London startup JustPark is about to cut half of its workforce

JustPark, a mobile app that allows people to rent out car parking spaces on their drive, could be about to cut half of its workforce, according to a Business Insider source.

The company, founded by Anthony Eskinazi in 2006, is cutting around 20 people, according to one source who is familiar with JustPark executives.

JustPark, one of the hottest startups in London according to Wired, currently employs 44 people, according to LinkedIn.

The company (formerly ParkatmyHouse.com) has received investment from multiple sources, including Sir Richard Branson, BMW i Ventures, CrowdCube and traditional venture capitalists like Index Ventures. Total funding in JustPark stands at more than $5.7 million (£3.75 million).

While the idea has been well received, JustPark has been quiet on how much money it has been spending on marketing campaigns and hiring, raising suspicions that it could be blowing all of its cash without actually making any money.

Business Insider has contacted JustPark CEO Alex Stephany and JustPark communications lead Anna Brook to confirm the situation and is waiting to hear back.