Munich-based Parkamo closes €2.1 million funding to continue the expansion of its climate compensated parking app

Parkamo - Founder

Parkamo, founded in 2019, offers the world’s first climate compensated parking. The startup helps to solve urban congestion with their app which allows drivers to search, compare, and pay for available parking spaces. Amid record growth figures, they have announced a €2.1 million funding round led by Stockholm-based Aggregate Media with participation from EPTI and Allanova. 

With growing climate concern globally, Parkamo’s mission is to enable sustainable parking that is constantly evolving. Most European cities are currently experiencing rising private car registrations and more restrictive mobility policies in urban environments, resulting in competition for parking spaces, which in turn is resulting in increased traffic congestions, emissions, and stress. Studies have found that parking is a lead cause for these problems. 

Parkamo has intelligently designed a solution to these challenges through creating a platform that can be used to easily locate the best parking options in the area, compare prices, and avoid areas with high parking pressure. Parkamo users can access insights into on-street parking as well as Parkamo’s own parking garages and private parking spaces. 

In 2021 the startup has already doubled its consumer base, with an average month-on-month revenue growth of 48%. Parking space rentals via Parkamo have also risen by 370% in this period, and the app can be used in 20 European countries. 

This funding will be used by the innovative startup to grow its tech team, expand beyond the core markets of Sweden and Germany, and deepen partnerships with local municipalities, parking app providers, and parking garage owners. 

Katharina Wagner, co-founder and CEO of Parkamo has said: “our investors validate the attractiveness and growth potential of our service and enable us to offer Parkamo to even more users across Europe. For Europe’s cities to thrive post-lockdown, urban parking must be made more efficient and sustainable, and Parkamo is enabling this to happen”.

In the mission to provide sustainable parking, the company is committed to regularly adding new features. From the ‘Find & Park’ feature which helps drivers identify areas with the highest parking space availability, the peer2peer parking program which makes use of exclusive parking spaces, to CO2 compensating for all parking done through the app, Parkamo is offering an exciting development to urban mobility in Europe. 

Parkamo’s funding news comes at a time when urban mobility and challenges of parking continue to be a space needing more innovation. Startups in the urban mobility sector can also benefit from the newly launched EIT Community Booster initiative which is on a mission to create a more sustainable and inclusive Europe. This initiative has been designed with sustainability-centred scaleups that are innovating around different community-focused programmes in mind.