Telekom Austria has made its first investment in a company fostered by its start-up program.

The operator’s A1 subsidiary has invested €600,000 in Parkbob, a smart parking app.

Parkbob combines real-time parking data with a database of parking regulations, linking these with geo-information to show where parking is allowed, what it costs and where free parking spaces are in real time.

Other investors, including the Austrian Research Promotion Agency, have matched A1’s investment, giving Parkbob €1.2 million to expand its footprint.

By the end of this year, it will be available in 50 cities in Europe and North America.

Parkbob is part of the A1 Start Up program, which began in 2013 and has seven companies on its books.

It was founded by Christian Adelsberger, who currently serves as the company’s CEO.

A1 Chief Executive Margarete Schramböck said: "Parkbob really convinced us; we believe in the team of Christian Adelsberger and his idea.”

Alejandro Plater, CEO of Telekom Austria Group, added: "In addition to the standard package we offer, we decide on a case-by-case basis how intensively we support a start-up.

“If we see strategic touch points as we have seen with Parkbob, we are also prepared to make case-by-case investments in the future.”

Read more: Telekom Austria CEO looks forward after “very tough” 2016

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