Soul Parking Secures Seed Funding, Developing Smart Parking Infrastructure

Smart parking startup developer Soul Parking announced seed funding led by AC Ventures and Agaeti Ventures. Some angel investors are involved without further details mentioned, the nominal received is also undisclosed.

"We are very pleased to have partnered with AC Ventures, Agaeti Ventures, and angel investors; and we have the same vision to revolutionize conventional motorcycle parking in Indonesia," Soul Parking's Founder & CEO Ilham Akbar said.

Soul Parking was founded by five co-founders, consisting of Ilham Akbar (CEO), Andru Wijaya (CPO), Riza Aulya (COO), Unggul Depririanto (CTO), and Kenneth Darmansjah (CFO). They have developed solutions for parking management since 10 years ago.

Offering solutions

Soul Parking developed a smart parking solution called Compact Motorcycle Storage (CMS), a portable parking bag for bicycles. It is designed to get around the narrow land and the high demand for proper parking in strategic locations. The developed parking infrastructure is equipped with a digital application, which is able to facilitate the preparation, monitoring, and payment of vehicle parking, as well as facilitate the reporting of parking transactions to landowners.

"By only using around 60 square meters area, one CMS module can serve up to 240 motorbikes, which means one CMS module is able to increase 8 times the conventional parking capacity," Co-Founder & CFO Kenneth Darmansjah added.

The business model applied is of two kinds. First, they sell CMS packages to anyone in need. With this option, the parking lot owner will manage the system independently. In the sale, Soul Parking also provides training on the use of the system. Second, they work together with land owners or parking areas in certain places. The management is carried out by Soul Parking team with profit sharing system.

Future plans

The company plans to build 10 new CMS through capital funds obtained from investors this year while developing user applications with features such as parking search, parking reservations, and payment. The first version of the application will be launched at the end of June 2020.

"We hope this breakthrough can help revolutionize motorcycle parking in Indonesia. By increasing efficiency and maximizing land capacity, especially in crowded cities, this will help reduce traffic congestion in very crowded areas," Managing Partner of AC Ventures and Agaeti Ventures, Michael Soerijadji said.

In late February, Soul Parking established its first three CMS modules at Jl. Kebon Kacang Jakarta, in front of Plaza Indonesia Mall, and the Keraton Hotel. Every day, there are thousands of motorbikes parked in public areas at that location, causing incredible traffic jams. This solution is expected to minimize illegal parking and traffic congestion in Indonesia.

One of CMS module applied in the Jakarta area / Soul Parking

With around 120 million motorbikes in Indonesia, the founders believe this business has great potential. Out of the number, 15% are in Jakarta, making this region one of the most densely populated motorcycle populations in the world. Based on the latest data from BPS, motorcycle growth in Indonesia is 7% per year while road surface growth is less than 0.1% per year.

– Original article is in Indonesian, translated by Kristin Siagian