CIBC Innovation Banking, a leader in providing tailored financial solutions, has partnered with Wemolo, a German tech company renowned for its innovative digital parking lot solutions.
Wemolo, based in Munich, employs over 230 professionals across multiple European locations including Austria, Switzerland, Italy, Poland, and Denmark.
The partnership involves CIBC Innovation Banking providing a significant debt financing package to Wemolo. This funding aims to enhance Wemolo’s product offerings and expand its operational footprint throughout Europe.
CIBC Innovation Banking specializes in comprehensive financial services that support tech companies in expanding and innovating. On the other hand, Wemolo offers a state-of-the-art parking management solution that utilizes computer vision technology to automate parking events, eliminating the need for traditional parking barriers and tickets.
Wemolo’s technology, which features GDPR-compliant licence plate scanners, not only streamlines parking but also provides valuable data on parking space utilization. This data helps optimize the management and availability of parking spaces, improving efficiency and user experience. The partnership’s financing will further develop and expand these technologies across Europe.
Wemolo has a strong track record of growth, having raised over €20m in past financing and achieving a growth rate of over 23,000% in the last four years.
Dr. Yukio Iwamoto, founder & CEO at Wemolo, stated, “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, commented, “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.”
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