Vitruvian Partners has backed Swedish smartphone app EasyPark Group.
The deal sees prior owner Verdane Capital retain a co-investment option prior to the closing of the transaction. Verdane acquired a controlling stake in the company in 2012 from Incitia Ventures.
EasyPark helps users find and pay for parking in 700 cities across 11 countries. As well as identifying millions of on-street parking spaces, it has more than 100 commercial off-street contracts.
The company recently partnered with Volvo to integrate its services into the manufacturer’s cars.
“EasyPark creates tremendous value for municipalities, consumers, businesses and private parking operators across Europe. EasyPark allows forward-looking municipalities to make smart cities a reality and delivers a better quality of life by improving accessibility, lowering the cost of parking, easing enforcement and reducing congestion,” said Jussi Wuoristo, partner at Vitruvian Partners.
Earlier this month Vitruvian acquired a minority stake in Romanian cyber security business Bitdefender.