Automotive company BMW made a “significant” investment in Parkmobile, a US-based provider of mobile payment services for municipalities and parking services, on Monday.
BMW provided the undisclosed amount of funding, dependent on antitrust approval in Europe, as it confirmed that Parkmobile had been strategically integrated with its prepaid parking app ParkNow.
The integrated technology will be available for installation by any equipment manufacturers and will also be installed in new BMW cars.
Parkmobile CEO Cherie Fuzzell said: “The strategic investment of the BMW Group clearly demonstrates Parkmobile’s expanding leadership in the mobile payment and connected vehicle space.
“I am thrilled to lead the company into this phase of strategic expansion in new verticals with a clear focus on the customer experience and ubiquitous availability.”
Parkmobile also raised $6.3m in February 2013 from BCD Holdings, Fontinalis Partners and Bluefield Investments.