Kolkata-based Park Easy Pvt. Ltd, which operates parking solutions app Peazy, has raised a pre-seed investment of €100,000 ($117,000 or Rs 76 lakh) from Dutch accelerator Rockstart.
As part of the deal, the startup will switch base to The Netherlands.
Park Easy uses predictive analytics and machine learning to help users find the nearest vacant parking spot. The startup piloted its parking prediction algorithm in Kolkata and provides real-time predictions to users about vacant parking lots nearby, through its Android app Peazy. Park Easy has built parking maps for eight cities in India.
The company was founded in March 2016 by Sakyabrata Dutta and Mahul Bhattacharya. Dutta worked with Nestle, Emami and OLX in the past while Bhattacharya was associated with IBM, Samsung, Cisco Systems and Microsoft before launching the startup.
Park Easy has been part of the second batch at Neoleap Business Accelerator, an accelerator programme launched by founders of Calcutta Angels Network Raghav Kanoria, Kumar Patodia and CD Mitra. The programme has accelerated seven startups so far since launching in August 2016. Neoleap will launch its third batch in December.
“Park Easy is the first startup coming out of Neoleap that has gone international with a great product. We hope to see more such products coming out of Neoleap cohorts in future,” said Raghav Kanoria, founder and partner, Neoleap.
Healthbuds.in, another portfolio company of Neoleap, had raised an undisclosed amount from Kolkata-based angel investors Arun Patodia and Bharat Kedia in June 2017.
Rockstart makes pre-seed investments in technology companies and helps them set up base in Europe by providing workspace as well as access to networks and capital.
In September this year, smart parking startup Get My Parking had secured $3 million (Rs 19.2 crore) in its Series A funding round from IAN Fund, and existing investors Beenext and Indian Angel Network. The startup operates an app that provides real-time updates of parking information to commuters, enterprises and public administration firms.
Bengaluru-based Pristech Technologies Pvt. Ltd, which runs parking solutions app PParkE, had secured its seed funding from Singapore-based early-stage investment firm SB Ventures in January this year.