Soul Parking, Indonesia’s leading parking management service provider, has raised a Series A extension round co-led by AppWorks and AC Ventures, according to the company’s statement on Monday.
While the financial terms were not disclosed, the round also saw participation from Taiwan Mobile; USPACE; and Wavemaker Ventures, the early-stage fund of Wavemaker Partners.
AC Ventures and Wavemaker are existing investors in the company. Soul Parking previously secured funding from Wavemaker in 2022 and raised a seed round in 2020 from AC Ventures and Agaeti Ventures.
The company plans to deepen its coverage in existing markets and expand into new locations across the country while catering to a larger number of vehicle types, exploring new opportunities in the electric vehicle space, and hiring new members.
“This fundraising round not only reflects the strength of our business fundamentals and the grit of our team but also highlights the immense potential within the parking industry,” said Kenneth Darmansjah, co-founder and CEO of Soul Parking, in a statement.
Since its inception in 2015, Soul Parking has focused on modernising Indonesia’s parking industry by introducing advanced technology to complement traditional systems. Its solutions simplify parking for drivers and property owners through a digital, cashless experience, offering efficient management and real-time data analytics. This technology-driven approach maximises space utilisation and revenue for operators.
For property owners, Soul Parking’s solution improves parking infrastructure, generates new revenue streams, and expands parking capacity up to eight times compared to traditional options. Drivers benefit from a smooth, cashless experience free from the inconveniences of conventional parking systems.
Its products include Compact Motorcycle Storage (CMS), a portable multi-level parking system for motorbikes; and Soul Parking Operating System (OS), a cloud-based platform that digitises parking facilities, providing real-time analytics for two- and four-wheeled vehicles.
The company’s system transforms small areas into multi-level parking, reducing congestion and increasing capacity. Each facility is monitored by CCTV, with insurance coverage for parked vehicles.
Soul Parking has partnered with over 100 businesses, processing 20 million transactions annually and serving more than two million vehicles. Its solutions are deployed in apartments, hospitals, malls, recreational areas, and residential complexes.
