Germany-based car company BMW’s corporate venturing unit, BMWi Ventures, has sealed its second deal, backing ParkatmyHouse.com, a UK car parking marketplace.
Terms were undisclosed and it is unclear if ParkatmyHouse.com has received prior venture funding.
ParkatmyHouse.com has more than 125,000 registered drivers and said it has saved them more than £3m ($4.5m) in charges in the past year by renting them a parking space instead of people using public car parks. More than 15,000 home and business owners have also advertised parking spaces, earning more than £1m in the last year.
It was founded by Anthony Eskinazi in 2006, when he was 23.
Bernhard Blaettel, vice president of mobility services at BMW Group, said: "This is the second strategic investment from BMWi Ventures and it is a great example of why BMWi Ventures was set up in the first place, because it gives us access to great innovations such as ParkatmyHouse. We see parking as a key asset for mobility services today and in the near future. ParkatmyHouse offers an innovative solution to those seeking parking spaces today as well as providing extra revenue to those who have under utilised space."
BMWi Ventures’s first deal was to take a stake in MyCityWay, which runs a mobile application helping users find restaurants, movies and other consumer items in cities. The venture unit was started in February with up to $100m to invest in mobility services.