ParkMate intends to utilise funds for team expansion and new technology development The Start-up is from first cohort of EvlolveX, Global Accelerator Programme by WFC
We Founder Circle (WFC), an early-stage start-up investment platform led by a global community of successful founders and strategic angels, has announced leading the seed round in ParkMate, a start-up that delivers smart parking solutions. ParkMate has secured an undisclosed funding facilitated through EvolveX, Global accelerator programme by We Founder Circle. WFC has partnered with several strategic angels to help the start-up rise to market challenges while also gaining a competitive advantage over other players.
ParkMate parking solution eliminates the need to find or even visit a parking lot. The end user only needs to enter the destination credentials they want to visit and at the parking arrival, ParkMate’s dedicated parking attendant waits for assistance. The ParkMate attendant not only drives the car to the nearest available parking lot but also parks it for the client.
On the investment in ParkMate Bhawna Bhatnagar, Co-founder of We Founder Circle affirmed, “We are delighted to have invested in ParkMate, which has demonstrated the ability to solve the saturation problem of parking spaces due to disproportionate demand and supply. Most Indian cities have unmanaged and haphazard parking, forcing citizens to park any type of vehicle in any location and in any direction. With ParkMate’s solutions, the parking system can be altered in a significant way, providing considerable benefits to society. At WFC, we promise to assist the start-up in all phases of development including business strategy, community building and connecting with skilled business mentors.”
“The ParkMate team and subscribers are thrilled to have WFC as a strategic investing partner. Our technology and innovation are what we believe in, and now with WFCs guidance, we are sure to grow in the right direction. We are confident that this investment will pay off and contribute to our mission and help us scale quickly,” said Dhananjaya Bharadwaj, Co-founder and CEO, ParkMate.
“While some surface parking remains overcrowded while most Multi-level car parking remains under-utilised. Also, most car parkings are at owners’ risk. Theft from cars including theft of valuables left in the car has remained a significant concern of vehicle owners. With ParkMate, the attendants are OTP verified and the cars are GPS-tagged so that users can track the car’s live movement. When the customer needs his car, he/ she simply has to click on ‘Get my car’ and we have it delivered wherever they want. The great thing is when the users park their car with ParkMate, it is parked at ParkMate’s risk, not at the responsibility of the owner,” he added.
The brand plans to exhaust funds in expanding its team and acquiring talent under different profiles. It also intends to use a part of the fresh investment in strengthening the technology backbone of the solution.
Established in 2020 in Mumbai, We Founder Circle is a global community of successful founders & strategic angels that have come together to push the start-up industry and steer it towards aggressive growth. WFC invests USD50K-2Mn amount in early-stage start-ups that are fuelled with ambition, sustainability, and a strategic approach. WFC provides seed funding, business development, and global networking opportunities to start-ups as it believes early-stage start-ups need a lot beyond just financial support to become scalable and stable. It has already enabled USD 12mn worth of investments across 33 start-up deals in the year 2021 alone and invested in 56 startups since incorporation.