BMW invests in online parking marketplace ParkatmyHouse
German car giant BMW has announced a strategic long-term investment in UK website ParkatmyHouse.com, an innovative online parking marketplace which connects homeowners who have driveways, garages and private parking spaces to rent, with drivers who need a convenient, safe and cost effective place to park.
BMW i Ventures, a venture capital company set up by BMW Group to identify and invest in companies which offer a solution to improve urban mobility, has taken a minority stake in the online parking website founded by British entrepreneur Anthony Eskinazi.
ParkatmyHouse is the second strategic investment by BMW i Ventures, helping drivers park smarter, reducing the amount of time they spend searching for a car parking space, and as a result cutting the level of carbon emissions.
There are currently more than 125,000 drivers registered on the ParkatmyHouse website, and collectively drivers have saved more than £3million in parking charges in the past year by renting an available private parking space through the website, rather than using public car parks and metered street parking.
Since Anthony Eskinazi launched ParkatmyHouse in 2006, at the age of 23, more than 15,000 home and business owners have advertised their parking spaces via the website. In the past 12 months alone, homeowners have earned more than £1million in revenue by renting out their driveways, private parking spaces and garages through ParkatmyHouse.
Anthony Eskinazi, founder of ParkatmyHouse.com, comments: "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."
Dr Bernhard Blaettel, Vice President Mobility Services, BMW Group, comments: "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.
"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."