ParkatmyHouse gains BMW investment
Online parking marketplace plans US roll-out
Online parking marketplace ParkatmyHouse is to extend its service to America, thanks to investment from German car giant BMW’s new capital arm, i Ventures.
Founded less than five years ago, ParkatmyHouse currently has more than 125,000 registered users on its books; in the last 12 months alone, the site has helped property owners make more than £1m from renting out their driveways, spare land and parking spaces.
BMW, which has refused to disclosed the value of its investment, will take a minority stake in the business, in the hope of building on these remarkable recent returns. Meanwhile, ParkatmyHouse will gain access to BMW’s US offices for business use.
ParkatmyHouse founder Anthony Eskinazi told Growing Business that the investment by BMW will be used to “aggressively grow the business” and fund its roll-out into six US cities.
He added: “We are delighted to have the backing of BMW, and this strategic investment represents not just a huge vote of confidence in the business model, but also marks the culmination of five years of hard work and dedication to take the seed of an idea and turn it into a successful business.
“With the support, advice and expertise that the BMW team can bring to the table, we have a global partner who can help us achieve our long term ambitions as we look to build on the successes achieved in the UK and expand into new territories. This is the beginning of a new and exciting future for ParkatmyHouse and its customers.
“The long-term investment in ParkatmyHouse is the second strategic investment by i Ventures since it was set up by BMW in February, with initial funding of £62m. The new venture is specifically designed to invest in firms capable of expanding BMW’s market reach.
Dr Bernhard Blaettel, vice president of Mobility Services at the BMW Group, commented: “This is the second strategic investment from BMW i Ventures and it’s a great example of why BMW i Ventures was set up in the first place, because it gives us access to great innovations such as ParkatmyHouse.”