Indonesia-based parking management service provider Soul Parking has raised an undisclosed amount in a Series A Extension round, co-led by AppWorks and AC Ventures.
The round also saw participation from Taiwan Mobile, USPACE, and Wavemaker Ventures, the early-stage fund of Wavemaker Partners.
Soul Parking leverages technology to modernize parking systems, offering solutions designed to optimize land use and provide a seamless, cashless parking experience for users.
The company’s offerings include Compact Motorcycle Storage (CMS), a portable multi-level parking system for two-wheelers, and a cloud-based Operating System (OS) that digitizes parking operations for real-time data analytics.
Since its launch, Soul Parking has processed over 20 million transactions annually and onboarded more than 100 partners, including property owners and management companies.
Its solutions are deployed in locations such as apartments, hospitals, commercial centers, and residential complexes.
“This fundraising reflects the strength of our business and the potential of the parking industry,” said Kenneth Darmansjah, Co-founder and CEO of Soul Parking. “The support of our investors enables us to fast-track innovation, expand our footprint, and redefine urban mobility.”
The company plans to use the funding to expand its operations to new cities across Indonesia, enhance its product offerings, and explore opportunities in the electric vehicle sector.
Soul Parking also aims to contribute to sustainable urban development by reducing congestion and emissions while improving accessibility.
Jamie Lin, Chairman and Partner at AppWorks, highlighted the company’s ability to address Indonesia’s urban challenges.
“Their tech-driven approach not only improves the parking experience but also optimizes land use in densely populated cities. We are excited to support Soul Parking as they scale their impact,” he said.
With an estimated 137 million motorcycles in Indonesia and a significant parking shortage, illegal parking contributes to traffic congestion and economic losses, with Jakarta alone losing Rp460 billion annually.
Soul Parking’s vertical parking solutions aim to address this issue while enhancing efficiency and transparency in parking management.
Business News Asia
