CIBC Innovation Banking backs German Scaleup Wemolo with debt financing
CIBC Innovation Banking has extended a debt financing package to Wemolo, a German technology firm specialising in digital parking solutions driven by licence plate recognition. Operating across more than 2,500 properties throughout Europe, Wemolo plans to use the funding to broaden its product offerings and increase its presence across the continent.
Wemolo’s parking management platform utilises advanced computer vision technology to streamline the entire process of parking event management and billing, eliminating the need for traditional systems like barriers, parking tickets, and enforcement officers. The system, fully compliant with GDPR regulations, not only automates these tasks but also enhances the efficiency of parking space usage. It offers detailed analytics on key metrics such as occupancy rates, peak usage times, and overall utilisation patterns. Additionally, Wemolo’s booking platform allows unused spaces to be made available to the public, optimising the utilisation of these assets.
Headquartered in Munich, Wemolo employs over 230 professionals across its various European locations, including Austria, Switzerland, Italy, Poland, and Denmark. The company has previously secured over €20 million in funding and achieved significant growth of over 23,000% in the last four years, earning it a place in the 2024 Deloitte Technology Fast 50 Awards.
Dr Yukio Iwamoto, Founder & CEO at Wemolo said: “I am thrilled to announce that Wemolo has successfully secured a significant debt growth funding round with the 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 deeply committed to furthering our growth and will relentlessly invest in the innovation and development of our products to enhance our offerings and better serve our partners. Together, we are shaping a future where parking is seamless, digital, and sustainable.”
Charlotte Goggin, Director at CIBC Innovation Banking said: “We are pleased to be supporting Wemolo as it grows and expands across Europe. Wemolo offers a truly innovative solution for retailers, real estate owners and cities, providing an easy and cost-effective way to manage their parking lots. We look forward to working with the team at Wemolo as they continue on their growth trajectory.”
