Park Easy, a startup which helps in locating vacant parking space nearby using machine learning, has announced that it has raised a pre-seed funding round of around ₹76 lakh (€100,000) from Dutch accelerator Rockstart.
As per the reports, the funding has been done at a valuation of more than ₹11.5 crore ($1.8 million). With this deal, Park Easy will also shift its base to the Netherlands.
Rockstart, which is based in Netherlands, makes pre-seed investments in technology companies to help them set up base in Europe by providing them workspace, access to networks and capital.
Park Easy, which is currently based out of Kolkata, uses predictive analytics, machine learning, and AI to help users find the nearest vacant parking spot. It was founded in March 2016 by collegemates Sakyabrata Dutta and Mahul.
The deal announcement came in soon after Park Easy showed its inclination to work with European cities and connected car makers to create a parking discovery platform that would work anywhere in Europe during the World Summit AI in Amsterdam earlier this month.
Park Easy has also been a part of Neoleap Business Accelerator which was started by Calcutta Angels co-founders — Raghav Kanori, Kumar Patodia and Prof. CD Mitra.
Commenting on this new deal, Neoleap Founder and Partner, Raghav Kanoria said,
Park Easy is the first startup coming out of Neoleap that has gone international with a great product. We hope to see more such products coming out of Neoleap cohorts in future.
Last month, Get My Parking, a startup which provides cloud-based mobile parking solution, had raised over ₹19 crore in Series A funding round. Other similar service providers include ParkingWale, ParkingRhino, Secure Parking, ValetEZ and among others.