- Funds will power development, hiring, product upgrades, and company growth
- Plans to enhance appearance in existing areas, enter new urban locations across Indonesia
Soul Parking, a leading park management service company transforming industrial parking facilities through systems in Indonesia, has announced the implementation of a Series A expansion round of financing co-led by AppWorks and AC Ventures, with participation from Taiwan Mobile, USPACE, and Wavemaker Ventures, the early-stage fund of Wavemaker Partners.
In a speech, the organization said the borrowing will help growth initiatives, including growth into high-density cities, enrollment, product enhancement, and marketing to enhance brand visibility and user growth. Additionally, Soul Parking intends to expand its footprint in existing areas, expand to new metropolitan areas in Indonesia, offer a wide range of aircraft types, and look into opportunities in the electric vehicle industry. Unfortunately, the company aims to lead to Indonesia’s green industrial growth by reducing gridlock, lowering emissions, improving convenience, and enhancing the overall park experience for drivers.
Soul Parking makes use of technology to modernize standard parking facilities, providing property owners and users with a quick and hassle-free electronic parking experience. Real-time data analysis and cashless payment options are integrated into its asset-light model, which improves parking users ‘ ability to use more space and generate more revenue.
For home owners, Soul Parking offers creative solutions that improve the industrial parking infrastructure, generate new revenue streams, and increase parking capacity in densely populated areas by up to eight times as much as conventional methods. For individuals, the company delivers a smooth, cashless, and convenient parking knowledge, eliminating the problems of conventional driving systems.
Soul Parking’s modern products and services include:  ,
- Small bike storage: Portable multi-level park options for two-wheeled vehicles.
- Soul Parking operating system: Cloud-based technology that digitises existing driving frameworks for both two- and four-wheeled cars, offering real-time data analysis and visible information sharing.
The company states it can transform a 60m² area into multi-level parking, significantly reducing congestion and increasing capacity. With added security, its elevated parking system provides insurance for each parked vehicle and CCTV monitoring for added security.
Since its inception, Soul Parking claims to have on boarded over 100 partners, including property owners and management companies, processing more than 20 million parking transactions annually. Its solutions are implemented in apartments, hospitals, commercial centres, recreational areas, and residential complexes, with over two million vehicles parked through its system to date.
This fundraising round highlights the immense potential within the parking industry as well as the strength of our business fundamentals and the resilience of our team. We appreciate the trust and shared vision of our investors, whose support enables us to fast-track innovation and deliver impactful solutions, positioning us to redefine urban mobility for the future”, said Kenneth Darmansjah, co-founder and CEO of Soul Parking.
By developing effective and sustainable parking options,” Soul Parking addresses a crucial issue in Indonesia’s urban landscape.” Their tech-driven approach improves the driver’s parking experience while maximizing land use and reducing congestion in densely populated cities. We are particularly impressed by Darmansjah’s commitment to using technology to address real-world problems”, said Jamie Lin, chairman and partner at AppWorks.
Lin continued,” The Soul Parking team has demonstrated execution and a thorough understanding of the mobility market. This, combined with their clear vision for the future of urban mobility, makes them an ideal partner for AppWorks. We look forward to supporting their journey as they expand their impact and change how urban mobility is defined in Indonesia and around the world.
” Parking management is a substantial sector in Indonesia. Soul Parking provides parking customers with a seamless experience while providing cost-effective, accountable services to property owners through its innovative solutions. Soul Parking operates at a scale and is well-positioned to compete effectively in this expanding market, according to Michael Soerijadji, founder and managing partner at AC Ventures, with over 20 million transactions processed and partnerships with more than 100 property owners.
” With 137 million motorcycles across Indonesia and a severe shortage of parking spaces, illegal parking has become widespread, worsening traffic congestion and causing economic losses—Jakarta alone loses approximately US$ 30 million ( RM133 million ) annually. Soul Parking’s vertical motorcycle parking system, equipped with real-time tracking, optimises land use and enhances efficiency and transparency in parking management across Indonesia. We’re proud to see the business continue to support them as they address this pressing issue and expand their services across the country, according to Paul Santos, co-founder and managing partner at Wavemaker Partners.