Parking tech startup Wemolo secures debt financing from CIBC Innovation Banking

German parking tech company Wemolo has received a debt financing package from CIBC Innovation Banking. 

Wemolo specialises in digital parking lot solutions using licence plate recognition and is active on more than 2,500 properties across Europe. Wemolo’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. 

The GDPR-compliant licence plate scanners make traditional parking systems with barriers, parking tickets and officers redundant.

Wemolo also ensures the efficient use of parking spaces. The 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 Wemolo’s booking platform.

Dr. Yukio Iwamoto, Founder & CEO at Wemolo said: 

“I am thrilled to announce that Wemolo has successfully secured a significant debt growth funding round with the Canadian bank CIBC. 

This milestone is a testament to the achievements of our remarkable team. Our continued success demonstrates the immense potential and future viability of digital parking solutions.

Together, we are shaping a future where parking is seamless, digital, and sustainable.”

Wemolo employs more than 230 people at its headquarters 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 and grown over 23,000 per cent in the past four years.

Charlotte Goggin, Director at CIBC Innovation Banking said: 

“We are pleased to be supporting Wemolo as it grows and expands across Europe. Wemolo offers a truly innovative solution for retailers, real estate owners and cities, providing an easy and cost effective way to manage their parking lots.”

The financing will be used to expand Wemolo’s product portfolio and footprint across Europe.

Lead image: Wemolo. Photo: uncredited.