The round was led by Stockholm-based Aggregate Media with participation from venture builder EPTI and family office Allanova.
The latest investment will enable the company to grow its tech team as well as its core markets Sweden and Germany. The German company is also planning to deepen its partnerships with municipalities, parking app providers, and parking garage owners.
Katharina Wagner, co-founder and CEO of Parkamo, says, “We are extremely proud that Parkamo has experienced such a significant level of user engagement in 2021 and proven its value to our users and partners. Through their support, our investors validate the attractiveness and growth potential of our service and enable us to offer Parkamo to even more users around Europe.”
“For Europe’s cities to thrive post-lockdown, urban parking must be made more efficient and sustainable, and Parkamo is enabling this to happen,” she added.
What does Parkamo solve?
According to research by UCLA’s Professor Donald Shoup, 30 per cent of urban traffic and corresponding emissions occurred during the search for parking spaces in 2011.
With the rise in private car registrations and more restrictive mobility policies in urban environments, the competition for parking spaces continues to result in increased traffic, congestion, and emissions.
Parkamo: What you need to know
Parkamo was started by the venture builder company EPTI in September 2019 to solve the problem of the fragmented parking market.
Parkamo is a parking aggregator, a platform like Booking.com and Airbnb, but for Parking. Through the app, users can easily locate the best parking options in the vicinity, compare prices, and avoid areas with high parking pressure.
In addition to on-street parking, users have access to Parkamo’s parking garages and private parking spots, and other on-street parking places through the consolidation of other parking apps.
The app also features a Green Parking option which uses part of their revenue to offset carbon emissions for each paid parking. The money goes through Klimatkompensera.se which invests in projects that reduce carbon dioxide in the atmosphere.
The company says that it has doubled its consumer base in 2021 with an average MoM revenue growth of 48 per cent, while parking space rentals via the app have risen by 370 per cent.
The app is currently active in 20 European countries – the UK, France, Germany, Spain, Italy, Norway, Sweden, Finland, Denmark, Netherlands, Belgium, Luxembourg, Switzerland, Austria, Slovenia, and others.
In July, the company announced a partnership with Parkering Gothenburg. Drivers looking for a parking spot can either search and book via the municipality’s Parkering Göteborg or use Parkamo.