Parking solutions company Parkmobile, the biggest provider of mobile parking tools in North America, has gone through a recapitalization and received an additional investment from BMW Group. This makes BMW, which has been a minority investor since 2014, the sole outside investor and majority shareholder in the Atlanta-based company.
“Having a world-class company like BMW Group invested in our business will only help to accelerate growth and the pace of innovation,” says Parkmobile’s CEO Jon Ziglar. “BMW Group has always been on the cutting edge of mobility and a leader among automotive players, investing in disruptive technologies in the space that are shaping the future of global mobility. Parkmobile is very fortunate to be part of their portfolio.”
Parkmobile’s mobile app is available in 3,000 locations across 300 cities. The app allows users to find a parking spot, pay for parking, and receive notifications when their time needs to be extended.
They also launched a reservations feature in 2017 to make urban and event parking even more seamless for users — no more circling around a downtown neighborhood for 20 minutes looking for parking. At the time, Ziglar said that the parking reservations market was less than half of a percent penetrated.
Parkmobile has been working with BMW already on an in-automobile solution to allow drivers to pull up Parkmobile on the dashboard navigation screen to initiate and pay for parking.
“By embedding real-time parking payment and advanced reservations capabilities into the automobile itself, we complete the circle of delivering a truly seamless parking experience for drivers in any parking scenario, whether it be on-street, off-street, real-time or in advance,” said Ziglar.
Though the additional investment was not disclosed, Ziglar says it will go towards further product development, such as a new app feature that will let users see all the on-street parking available around them.
“So, you don’t have waste time circling the block looking for a spot. You just head directly to the areas that where there is open parking available,” says Ziglar.
The global reach of BMW, which also currently owns the European affiliate of Parkmobile, will also help the company expand to new markets.
“We have been working closely with the BMW Group organization over the past several years and we share a common vision for the future of transportation and frictionless consumer mobility,” said Ziglar in a statement.
“It also moves us closer to our vision of expanding the Parkmobile network’s footprint given BMW Group’s vast reach and presence across the globe,” says Ziglar.