Parkmobile, the leading provider of mobile payment solutions to municipalities and parking providers, announced today that it has signed a substantial investment agreement with the BMW Group

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Sep 08, 2014, 07:00 ET

ATLANTA, Sept. 8, 2014 /PRNewswire/ -- Parkmobile, the leading provider of mobile payment solutions to municipalities and parking providers announced today a substantial investment by the BMW Group in Parkmobile. In addition the strategic integration of BMW Group's prepaid parking solution ParkNow with Parkmobile was announced. The investment agreement with the BMW Group is pending on approval of relevant anti-trust authorities in Europe.

ParkNow, currently operating in San Francisco, lets smart drivers find and book off-street parking spots in advance with the mobile app or online. ParkNow not only simplifies the often frustrating task of parking, it also offers added bonuses like discounted parking rates and valet service. The ParkNow solution eliminates wasting time and fuel circling the block, which mitigates traffic, pollution and CO2 emissions.

Parkmobile will use the additional funding to further expand its leading global position for on-demand and prepaid payments for on- and off-street parking. Parkmobile's on-demand mobile payment solution and ParkNow's prepaid parking solution together will provide consumers around the world with the ultimate customer parking experience. The combined service will soon become available for integration into connected vehicles of all OEMs. Additionally it will be implemented in BMW connected vehicles.

"As one of the earliest investors in the Smart Parking space, we are excited to see this sector continue to evolve," said Ralph H. Booth, II, Managing Partner of Fontinalis and a Director at Parkmobile. "This investment is a great example of the type of innovation taking place throughout the Next Generation Mobility sector".

"The integration between Parkmobile's on-demand and ParkNow's prepaid system provides consumers with a superior mobile payment experience for on- and off-street parking," added Cherie Fuzzell, CEO of Parkmobile USA, Inc. "At the same time 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."

Customers will soon have the opportunity to pay for on-demand and prepaid parking from one mobile app using mobile applications for iPhone, Android, Windows 7, Blackberry and Amazon (soon to come) smartphones. To use the new integrated on-demand and prepaid system, customers can download the app, or register for free at www.parkmobile.com or www.park-now.com. Once registered, they can use a mobile app, the internet, or call toll free to pay for parking. After setting up the account, customers can immediately start using the system with their registered mobile phone. They can also select an option to receive alerts and reminders.

For additional information and locations, please visit: www.parkmobile.com or www.park-now.com

About Parkmobile

Parkmobile International Holding B.V. is the leading provider for on-demand and prepaid mobile payments for on- and off-street parking. Their services are used in more than 600 locations in the U.S. by millions of registered users. Parkmobile's investors include Fontinalis Partners, Bluefield Investments, BCD Group, and BMW Group and Urban Mobility (upon closing of the transaction). Fontinalis Partners, with offices in Detroit and Boston, is a venture capital firm strategically focused on Next-Generation Mobility. With annual global revenues of $24 billion, including $9.2 billion partner sales, BCD Group is an international market leader in corporate and online travel, off-airport parking and the mobile parking industry. For more information please visit www.parkmobile.com, facebook.com/ParkmobileUSA or on Twitter @Parkmobile.

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SOURCE Parkmobile