Only last October, the Viennese PropTech Repark was able to land a six-figure investment, including from business angel Markus Ertler (we reported). Now the young company, whose platform is intended to make it possible to rent private and commercial parking spaces temporarily and permanently, has again collected a six-figure sum. The startup successfully completed the pre-seed round with WaVe-X, the investment vehicle of the Walter Group.
Repark: Wiener PropTech secures six-figure investment
Repark app is in beta phase
The young company wants to solve the problem of the long search for a parking space and the resulting additional CO2 emissions. The startup’s specially developed access module can be installed on the garage door within a few hours and is immediately ready for use. This allows users to open the garage via mobile app. Repark takes care of the entire process here, from installation to commissioning. “Repark impresses us with a strong team and a forward-looking concept that will be in high demand, especially in urban areas. The revolutionary search for a parking space also contributes directly to CO2 reduction. We are happy to support the Repark team on their way,” says WaVe-X.
With its web app, Repark has successfully completed the alpha phase and started the public beta phase on March 1, 2023. “We are enthusiastic about the enormous demand from our customers,” says CEO Lukas Lauda. “A third uses our service repeatedly. It shows us that we’ve solved a real problem and created a product that people love. A whopping 94 percent of our previous customers plan to use the service again.”
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Startup wants to quintuple the number of locations
The young company sees WaVe-X as an ideal partner to further accelerate growth and exploit the potential of the market. This partnership not only represents a significant cash injection, but also offers a wealth of resources, sales channels and know-how. “This investment is a game changer for us,” explains Lauda. “With the support of Walter Group and WaVe-X, we now have the opportunity to pick up the pace and realize our long-term vision of changing urban parking for the better more quickly. Both the people in the WaVe-X team and the strategic added value in this partnership are crucial for our further expansion.”
With the additional resources, Repark intends to increase its number of locations at least fivefold in the current year. Just a few days ago, the startup’s sales team managed to sign a contract for 200 new parking spaces. At the same time, the team is in further talks on framework agreements with well-known real estate players in Vienna. There are also plans to introduce hourly rentals later this year and to equip the first garages with license plate recognition. The official market launch is also planned for the coming autumn. The startup is also currently looking for new team members in the areas of software development, finance and marketing.