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

More News

BT guarantees 100MBps in new consumer broadband packages BT guarantees 100MBps in new consumer broadband packages BT is guaranteeing a minimum speed of 100MBps in its two new residential broadband packages. More detail
MTS bets on eSports with Gambit acquisition MTS bets on eSports with Gambit acquisition MTS has acquired UK-based Gambit Esports and launched its own eSports division as it looks to attract a younger user base and expand beyond telecoms. More detail
Ericsson writes down €1.44 billion in new profitability blow Ericsson writes down €1.44 billion in new profitability blow Ericsson has confirmed a write down on a number of its assets alongside a tax charge, as it prepares to unveil its financials for 2017. More detail
Telenor CEO pushes staff to learn new digital skills Telenor CEO pushes staff to learn new digital skills Telenor’s 30,000 employees have been challenged to spend 40 hours learning new skills this year, as the operator looks to improve its digital capabilities. More detail
ice hires new CFO from Telenor ice hires new CFO from Telenor ice Group has tapped Telenor for its new CFO, citing the exec’s international expertise as a key reason for the hire. More detail
    

@eurocomms