Wemolo, a Munich, Germany-based company providing a parking management solution, received a debt financing from CIBC Innovation Banking.
The amount of the deal was not disclosed.
The company intends to use the funds to expand its product portfolio and footprint across Europe.
Founded by Jakob Bodenmüller, Bastian Pieper and Yukio Iwamoto (CEO), Wemolo is a specialist in digital parking lot management and optimization. The company’s parking management solution is based on computer vision technology and automates the processing and billing of parking events in paid and unpaid parking spaces.
Wemolo’s system enables detailed insights into key performance indicators of parking spaces, such as occupancy, peak times, or utilisation patterns. The unused parking space can then be made available to the public with the booking platform of Wemolo.
More than 2,500 parking lots already use the solution, which processes over 2 million parking events daily. The customer portfolio includes food retailers, parking facility owners, real estate companies, shopping centres and cities.
The company employs more than 230 people at its headquarter in Munich and its other European locations in Austria, Switzerland, Italy, Poland, and Denmark. Wemolo has raised more than 20 million euros in financing previously.
FinSMEs
14/08/2024