BMW Teams Up With, Invests $5 Million In MyCityWay
Auto maker BMW recently established a New York-based venture capital firm dubbed BMW i Ventures that it seeded with $100 million to seek out partnerships that might facilitate BMW-i product adoption in urban markets. BMW-i is a BMW sub-brand solely focused on developing and producing sustainable mobility vehicles.
Its first investment was made public this week: BMW pumped $5 million into MyCityWay, a user-driven, location-aware city guide. FirstMark Capital and IA Ventures, who participated in an earlier $1 million seed round, joined BMW.
Useful for locals and visitors alike, MyCityWay is an interactive tool for urban exploration and discovery on your mobile device (iOS, Android, BlackBerry coming soon). The app brings together more than 50 local mobility apps in one interface to act as a one-stop, location-aware platform to discover, connect, experience and share.
The app is available for more than 40 cities worldwide, including New York City, Shanghai, Tokyo, London and Paris.
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