HTGF invests in ParkTag

ParkTag says it aims to solve the street parking issue using complex big data systems in real time. It says urban drivers spend an average of seven minutes, four times a day, searching for a parking space. The company also says a car spends 95% of its life parked and 30% of urban traffic is searching for a parking space.

HTGF is active in the automobile technology space. In April, the GP invested approximately £500,000 in car-sharing app CarJump. The venture capital firm usually invests €500,000 at the seed funding stage, investing up to €2m in subsequent rounds. It is currently investing from its €285m second fund.

Company
Headquartered in Berlin, ParkTag has a team of 10 employees working on the free smartphone app for iOS and Android. The concept is based on ridesharing and couchsurfing models to enable drivers to solve their own parking problems. Users are able to find free parking spaces and community activity is rewarded with points that can be redeemed for parking information.

According to the company, built-in smartphone sensors are capable of locating free parking spots before the car has even departed. Available spaces are subsequently marked on the map, while the app also helps drivers find their car again and reminds them of expiring parking tickets.

People
Silvan C Rath is founder of ParkTag. Marvin D Andrä is investment manager at HTGF.

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• DACH
• Technology
• Early-stage
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• High-Tech Gründerfonds