Soul Parking, an Indonesia-based parking management service provider, has announced the completion of a Series A extension round of financing co-led by AppWorks and AC Ventures.

Soul Parking said in a statement on Monday that the funding round also saw participation from Taiwan Mobile, USPACE, and Wavemaker Ventures, the early-stage fund of Wavemaker Partners.

According to the statement, the financing will support the firm’s growth initiatives, including expansion into high-density cities, recruitment, product enhancement, and marketing to boost brand visibility and user growth.

Soul Parking plans to deepen its presence in existing markets, enter new urban areas across Indonesia, cater to a wider range of vehicle types, and explore opportunities in the electric vehicle sector.

Ultimately, the company aims to contribute to Indonesia’s sustainable urban development by reducing congestion, lowering emissions, improving accessibility, and enhancing the overall parking experience for drivers.

“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,” said Kenneth Darmansjah, Co-founder and Chief Executive Officer of Soul Parking.

He said the funding enables the firm to fast-track innovation and deliver impactful solutions, positioning them to redefine urban mobility for the future.

Soul Parking is a parking management service provider leverages technology to modernize traditional parking systems, offering an efficient and hassle-free digital parking experience for property owners and users.

Its asset-light model incorporates real-time data analytics and cashless payment options, enabling better parking space utilization and increased revenue for parking operators.

The firm’s innovative products and services include: compact motorcycle storage, a portable multi-level parking solutions for two-wheeled vehicles; and soul parking operating system, a cloud-based software that digitizes existing parking structures for both two- and four-wheeled vehicles, offering real-time data analytics and transparent data sharing.

Since its inception, Soul Parking claims to have on boarded over 100 partners, including property owners and management companies, processing more than 20 million parking transactions annually.

Its solutions are implemented in apartments, hospitals, commercial centers, recreational areas, and residential complexes, with over two million vehicles parked through its system to date.

“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 optimizing land use and reducing congestion in densely populated cities,” said Jamie Lin, chairman and partner at AppWorks.

He said he is particularly impressed by the firm’s commitment to using technology to address real-world problems.

He also noted 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,” he added.

Michael Soerijadji, Founder and Managing Partner at AC Ventures, highlighted that 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,” he added.

Paul Santos, Co-founder and Managing Partner at Wavemaker Partners, said 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 $30 million annually.

“Soul Parking’s vertical motorcycle parking system, equipped with real-time tracking, optimizes land use and enhances efficiency and transparency in parking management across Indonesia,” he added.

Indonesian parking solutions provider Soul Parking sees revenue soar 100 times in past three years