Bird & Bird LLP has advised Munich-based smart parking provider Cleverciti Systems GmbH ("Cleverciti") on a €4.75 million financing round led by lead investor SPDG Ventures.
All existing institutional investors, including EnBW New Ventures (ENV), The Westly Group and KfW, participated in the financing round together with SPDG Ventures. This brings the total financing of Cleverciti up to € 23.5 million since 2015.
Cleverciti's patented Smart Parking Systems are in use at more than 200 locations in over 20 countries. The goal is to make limited resources such as public parking spaces easier and faster for motorists to find, and to help cities and businesses reduce traffic congestion and vehicle emissions and increase parking revenues. The company is now well positioned to further expand its sales and marketing activities and accelerate the introduction of its Solution-as-a-Service (SaaS) models in the field of smart parking.
Cleverciti was advised by the following Bird & Bird lawyers: Associate Marcel Nurk (lead), counsel Michael Gaßner and partner Stefan Münch, all Corporate/M&A, Munich.