{"id":104121,"date":"2024-08-20T15:58:00","date_gmt":"2024-08-20T13:58:00","guid":{"rendered":"https:\/\/cms.munich-startup.net\/?p=104121"},"modified":"2024-08-22T16:19:35","modified_gmt":"2024-08-22T14:19:35","slug":"wemolo-financing-cibc","status":"publish","type":"post","link":"https:\/\/cms.munich-startup.net\/en\/104121\/wemolo-financing-cibc\/","title":{"rendered":"Parking startup Wemolo secures funding"},"content":{"rendered":"<div class=\"entry-content\">\n<p>The <a href=\"https:\/\/www.wemolo.com\/parkraumueberwachung\" target=\"_blank\" rel=\"noreferrer noopener\">Parking space management solution<\/a> Wemolo&#039;s solution is based on image recognition technology with artificial intelligence. The startup uses it to automate the processing and billing of parking transactions in paid and unpaid parking spaces. The use of license plate scanners is compliant with the General Data Protection Regulation and is intended to eliminate the need for conventional parking systems with barriers, parking tickets, and inspectors.<\/p>\n\n\n\n<p>Founded in 2019, the company now employs more than 230 people in Munich and five other European offices. According to Wemolo, more than 2,500 parking garages now rely on its solution, which processes over two million parking transactions daily. Its customer portfolio includes <a href=\"\/en\/day\/parking-depot\/\">Startup<\/a> Food retailers, parking garage operators, real estate companies, shopping centers and cities.<\/p>\n\n\n\n<p>CIBC Innovation Banking has now also expressed its support for Wemolo&#039;s solution. The Canadian bank is providing the Munich-based startup with an undisclosed sum.<\/p>\n\n\n\n<p><strong>Yukio Iwamoto<\/strong>, Founder and CEO of Wemolo, comments:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&quot;I am delighted to announce that Wemolo has successfully completed a significant financing round with Canadian bank CIBC. This milestone is a testament to the achievements of our remarkable team. Our continued success demonstrates the immense potential and future viability of digital parking solutions. We are committed to further driving our growth and will relentlessly invest in product innovation and development to expand our offerings and better serve our partners. Together, we are shaping a future where parking is seamless, digital, and sustainable.&quot;<\/p>\n<\/blockquote>\n\n\n\n<p><strong>Charlotte Goggin<\/strong>, Director at CIBC Innovation Banking, says:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&quot;We are excited to support Wemolo in its growth and expansion across Europe. Wemolo offers a truly innovative solution for retailers, property owners, and cities, providing a simple and cost-effective way to manage their parking spaces.&quot;<\/p>\n<\/blockquote>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>CIBC Innovation Banking has provided fresh capital to the Munich-based startup Wemolo, which specializes in digital parking solutions with license plate recognition. The financing will be used to expand Wemolo&#039;s product portfolio and presence in Europe.<\/p>","protected":false},"author":42,"featured_media":87782,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5633,1],"tags":[52,5178],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Parkplatz-Startup Wemolo sichert sich Finanzierung - Munich Startup<\/title>\n<meta name=\"description\" content=\"CIBC Innovation Banking hat dem M\u00fcnchner Startup Wemolo \u2013 ehemals Parkdepot \u2013 frisches Kapital in unbekannter H\u00f6he zur Verf\u00fcgung gestellt.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cms.munich-startup.net\/en\/104121\/wemolo-financing-cibc\/\" \/>\n<meta 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