German parking technology company Wemolo has secured a debit financing package of CIBC Innovation Banking.

Wemolo specializes in digital parking solutions using license plate recognition and is active on over 2,500 properties across Europe. Wemolo’s parking space management solution is based on computer vision technology and automates the processing and billing of parking transactions in paid and unpaid parking spaces.

The GDPR-compliant license plate scanners make conventional parking systems with barriers, parking tickets and police officers superfluous.

Wemolo also ensures efficient use of parking spaces. The system provides detailed insights into key parking performance indicators, such as occupancy, peak times or usage patterns.

The unused parking space can then be made accessible to the public via Wemolo’s booking platform.

Dr. Yukio Iwamoto, Founder and CEO of Wemolo, said:

“I am very pleased to announce that Wemolo has successfully completed a significant financing round for its debt growth with Canadian bank CIBC.

This milestone is a testament to the achievements of our remarkable team. Our continued success demonstrates the enormous potential and future viability of digital parking solutions.

Together we are shaping a future where parking is seamless, digital and sustainable.”

Wemolo employs more than 230 people at its headquarters in Munich and its other European locations in Austria, Switzerland, Italy, Poland and Denmark.

Wemolo has raised more than 20 million euros in funding to date and has grown by over 23,000 percent in the last four years.

Charlotte Goggin, Director at CIBC Innovation Banking, said:

“We are delighted to support Wemolo as it continues to grow and expand across Europe. Wemolo offers retailers, property owners and cities a truly innovative solution that provides a simple and cost-effective way to manage their parking spaces.”

The funding will be used to expand Wemolo’s product portfolio and presence across Europe.

Cover photo: Wemolo. Photo: no credit given.