Indonesia-based Soul Parking, a leading startup transforming parking solutions across Indonesia has raised Series A extension round of financing co-led by AppWorks and AC Ventures, with participation from Taiwan Mobile, USPACE, and Wavemaker Ventures, the early-stage fund of Wavemaker Partners.
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According to a statement from the Soul Parking, the funding will help with growth plans that include hiring more people, improving the product, expanding into high-density locations, and marketing to increase user growth and brand awareness.
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In addition, Soul Parking intends to expand its customer base in current markets, penetrate new Indonesian cities, serve a greater variety of car models, and look into prospects in the electric vehicle industry.
The company’s ultimate goal is to improve accessibility, reduce emissions, ease traffic, and improve drivers’ overall parking experiences in order to support Indonesia’s sustainable urban development.
Motorcycles dominate the streets of Indonesia, a nation of 284 million people with over 137 million two-wheelers in circulation. With that many vehicles, riders often struggle to find safe and accessible parking in dense cities, fueling widespread illegal parking and worsening urban congestion.
Under Kenneth’s leadership, Soul Parking rapidly expanded its locations four-fold in 2023, achieving tens of millions transactions annually. Kenneth has laid a solid foundation for sustained growth with a structured approach.
“This fundraising round not only reflects the strength of our business fundamentals and the resilience of our team but also highlights the immense potential within the parking industry. We appreciate the trust and shared vision of our investors, whose support enables us to fast-track innovation and deliver impactful solutions, positioning us to redefine urban mobility for the future,” said Kenneth Darmansjah, co-founder and CEO of Soul Parking.
“Soul Parking is tackling a critical challenge in Indonesia’s urban landscape by creating efficient and sustainable parking solutions. Their tech-driven approach improves the parking experience for drivers while optimising land use and reducing congestion in densely populated cities. We are particularly impressed by Darmansjah’s commitment to using technology to address real-world problems,” said Jamie Lin, chairman and partner at AppWorks.
Lin added, “The Soul Parking team has demonstrated execution and a deep understanding of the mobility market. This, combined with their clear vision for the future of urban mobility, makes them an ideal partner for AppWorks. We are excited to support their journey as they scale their impact and redefine urban mobility in Indonesia and beyond.”
“Parking management is a substantial sector in Indonesia. Through its innovative solutions, Soul Parking offers cost-efficient and accountable services to property owners while providing a seamless experience to parking customers. With over 20 million transactions processed and partnerships with more than 100 property owners, Soul Parking operates at scale and is well-positioned to compete effectively in this growing market,” said Michael Soerijadji, founder and managing partner at AC Ventures.
“With 137 million motorcycles across Indonesia and a severe shortage of parking spaces, illegal parking has become widespread, worsening traffic congestion and causing economic losses—Jakarta alone loses approximately US$30 million (RM133 million) annually. Soul Parking’s vertical motorcycle parking system, equipped with real-time tracking, optimises land use and enhances efficiency and transparency in parking management across Indonesia. We’re proud to continue supporting the company as they tackle this critical problem and expand their services nationwide,” said Paul Santos, co-founder and managing partner at Wavemaker Partners.
About Soul Parking
Founded by Kenneth Darmansjah and Unggul Depiriantoin 2019, Soul Parking is a Parking Management service company, that has successfully developed Compact Motorcycle Storage (CMS) equipment as a solution to the traffic and cluttered parking problems. Compact Motorcycle Storage (CMS) is using 100% designs and raw materials from Indonesia.
