It was recently announced that Cleverciti Systems was able to increase its financing round of 10 million euros by 2.6 million. Tesla investor "The Westly Group" is now also investing in the smart parking provider.
The Munich-based startup Cleverciti is developing sensors that scan the surrounding area for available parking spaces from lampposts or facades. With this idea The startup recently convinced EnBW New Ventures and the existing investor — Family Office SPDG — now also Tesla financier The Westly Group.
12.6 million euros and Tesla investor as door opener
The Silicon Valley-based VC firm completes the existing financing round, bringing the total investment in the smart parking startup to €12.6 million. The new investor is a door opener for the Munich-based company, according to Cleverciti's founder. Thomas Hohenacker:
“Our goal is to become a leading player in the smart city environment, and partnerships are essential to make that happen.”
He plans to expand startup activities in the US, Europe, and other international markets. In addition to its headquarters in Munich, the company has already opened offices in Chicago and the San Francisco Bay Area.
A business model that recognizes the pain points
The VC, in turn, was convinced that the Munich-based startup had already acquired customers in over 18 countries. Steve Westly, Managing Partner of The Westly Group, says:
“Our research has shown that Cleverciti's proven smart parking systems effectively address the pain points of the main parking operators in the marketplace.”
Westly adds:
“We firmly believe that smart cities, shopping malls, airports and other large parking operators need to access reliable parking data to maximize their infrastructure's value.”
