Indonesia’s Soul Parking raised Series A funding from AppWorks and AC Ventures to boost growth
A Series A extension round of funding, co-led by AppWorks and AC Ventures, has been completed, according to Soul Parking, a parking management service provider with headquarters in Indonesia.
Taiwan Mobile, USPACE, and Wavemaker Ventures, Wavemaker Partners’ early-stage fund, also participated in the funding round, according to a statement released by Soul Parking on Monday.
According to the statement, the funding will help the company’s growth plans, which include hiring more people, improving the product, expanding into high-density cities, and marketing to increase user growth and brand awareness.
Soul Parking intends to serve a greater variety of vehicle types, expand its footprint in current markets, penetrate new urban areas throughout Indonesia, and investigate prospects in the electric vehicle industry.
The company’s ultimate goal is to improve accessibility, reduce emissions, ease traffic, and improve drivers’ overall parking experiences in order to support Indonesia’s sustainable urban development.
“This fundraising round not only reflects the strength of our business fundamentals and the resilience of our team but also highlights the immense potential within the parking industry,” said Kenneth Darmansjah, Co-founder and Chief Executive Officer of Soul Parking.
According to him, the funding puts the company in a position to rethink urban mobility in the future by accelerating innovation and producing significant solutions.
Soul Parking is a parking management service provider that uses technology to update conventional parking systems and give users and property owners a convenient and effective digital parking experience.
Better parking space utilization and higher parking operator revenue are made possible by its asset-light model, which also includes cashless payment options and real-time data analytics.
Among the company’s cutting-edge offerings are the Soul Parking Operating System, a cloud-based program that digitizes existing parking structures for both two- and four-wheeled vehicles and provides real-time data analytics and transparent data sharing, and compact motorcycle storage, a portable multi-level parking solution for two-wheeled vehicles.
Soul Parking claims to have onboarded more than 100 partners since its founding, including management firms and property owners, and to process more than 20 million parking transactions yearly.
With more than two million vehicles parked through its system to date, its solutions are used in residential complexes, hospitals, shopping malls, parks, and apartments.
“Soul Parking is tackling a critical challenge in Indonesia’s urban landscape by creating efficient and sustainable parking solutions,
“Their tech-driven approach improves the parking experience for drivers while optimizing land use and reducing congestion in densely populated cities,” said Jamie Lin, chairman and partner at AppWorks.
