ParkMate, a start-up that delivers smart parking solutions, has secured an undisclosed funding facilitated through EvolveX, the Global accelerator programme by We Founder Circle -a start-up investment platform.
WFC has partnered with several strategic angels to help the start-up rise to market challenges while gaining a competitive advantage over other players.
ParkMate parking solution enables end user to enter the destination credentials they want to visit and at the parking arrival, ParkMate’s dedicated parking attendant offers assistance. The ParkMate attendant not only drives the car to the nearest available parking lot but also parks it for the client.
The company has also invested $50,000-2 million in early-stage startups,
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 $12 million worth of investments across 33 start-up deals in the year 2021 alone and invested in 56 startups since incorporation.
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.
Dhananjaya Bharadwaj, Co-founder and CEO, ParkMate said “Our technology and innovation are what we believe in, and now with WFCs guidance, we are sure to grow in the right direction.
The brand plans to use the fund 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.