The European parking market is dominated by a few traditional parking companies offering on-site staff or barriers / ground sensors. That is where Parkdepot comes in: they offer a fully digital solution based on strategically positioned cameras, requiring no expensive hardware, barriers or on-site staff. The result is a system that gives parking lot owners full control and offers a seamless experience for customers that want to park their vehicle: no more parking discs or paper tickets.
Parkdepot was founded only in 2019, but has made tremendous progress since then. In this short period the team has not only managed to close initial parking lots at some of Germany’s largest supermarket and fast-food chains, but has also substantially expanded the number of parking lots they serve at those chains (e.g. one in every eight McDonalds in Germany uses Parkdepot). The growth that Parkdepot has shown in their first two years in business would have been impressive in any period, but to do so in the midst of a pandemic, that hit after they just went live with their first customers, is something to admire.
The team realized that they didn’t just need to build a product, but that they have to optimize both product and all related operations to create an offering that is loved by customers and that could accelerate in the way it did. The founding team has impressed us with their operational excellence and the consistent improvements in all processes they focus on. A clear example of this is how they have reduced the average installation time for their system from a week in the early days to a few hours today. We believe these factors will enable the team to grow Parkdepot into a European market leader for parking lot management in the coming years.
Based on all of the above we are very happy to be part of Parkdepot’s growth journey and have led their seed round. This investment showcases our view that many ‘boring’ industries are still lacking good software solutions that are extremely well executed to tackle pain points that have existed for decades. The team at Parkdepot and henQ clicked, because of the shared belief that to build a successful business you need to follow your own path and not just stick to the commonly held beliefs by VC’s, press or countless start-up books about how a company should be built.