Smart parking solutions start-up ParkMate has raised undisclosed funding through EvolveX - a Global accelerator programme by We Founder Circle - a start-up investment platform.
WFC has joined hands with several strategic angels to help the start-up rise to market challenges while gaining a competitive advantage over competitors.
The company has also invested between $0.5 to $2 million in early-stage start-ups. WFC offers seed funding, opportunities for business development, and access to a global network to start-ups because it is of the opinion that these businesses require more than just financial support in order to scale and become stable.
Since its inception, it has invested in 56 firms and allowed investments worth $12 million across 33 start-up deals.
“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,” said Bhawna Bhatnagar, co-founder of We Founder Circle.
“Our technology and innovation are what we believe in, and now with WFCs guidance, we are sure to grow in the right direction, said, Dhananjaya Bharadwaj, Co-founder and CEO, ParkMate said
The company intends to use the money to hire more employees and hire talent that fits a variety of profiles. It also intends to use a portion of the new investment to strengthen the solution's technological foundation.