The amount of the transaction, which is pending on approval of relevant anti-trust authorities in Europe, was not disclosed. In addition to the funding, a strategic integration between BMW Group’s prepaid parking solution ParkNow and Parkmobile will take place with the combined service becoming available for inclusion into connected vehicles of all OEMs.
The company intends to use the funds to further expand operations.
Led by Cherie Fuzzell, CEO, Parkmobile USA provides on-demand and prepaid mobile payments for on- and off-street parking used in more than 600 locations in the U.S.
ParkNow, currently operating in San Francisco, allows smart drivers to find and book off-street parking spots in advance with the mobile app or online. It also offers added bonuses like discounted parking rates and valet service.