SOURCE: MyCityWay

MyCityWay, BMW, city guide, urban reference, nyc, travel guide, mobile application, mobile apps

March 01, 2011 12:08 ET

MyCityWay Secures Funding From BMW Group, FirstMark Capital and IA Ventures

Strategic Investment Led by BMW Group Brings Acclaimed Geo-Location and Urban Reference App to the Automaker's New Electric Sub-Brand BMWi

NEW YORK, NY--(Marketwire - March 1, 2011) - MyCityWay, creators of an acclaimed suite of city information and reference portals for mobile devices, today announced that it has raised $5 million in financing led by BMW i Ventures and returning investors FirstMark Capital, a leading venture capital firm based in New York City, and IA Ventures, an NYC-based venture capital firm that invests in companies focused on Big Data. The funding news comes on the heels of a press event held on February 21 in Munich, Germany where BMW unveiled its new brand of electric vehicles, BMW i featuring MyCityWay -- the ultimate, interactive geo-location urban reference app. BMW drivers will join the 1.5 million MyCityWay users to access, connect and share city-specific information on the go. 

Originally developed by Wall Street colleagues and co-founders, Archana Patchirajan, Puneet Mehta and Sonpreet Bhatia, MyCityWay began as a tool to provide information about local cities to users. MyCityWay has since evolved into a mega, mobile application that combines user interaction with city data, governmental information, and local businesses and services to create a complete consumer driven geo-location city guide available in more than 40 cities throughout the world. The latest round of funding will allow MyCityWay to continue its global expansion into international urban markets and extend its city data information and business advertising to major metropolitan areas throughout Asia, Europe and Australia.

MyCityWay has quickly emerged as the clear leader in geo-location city guide information delivered on the mobile platform. As the first company to integrate user profiles, location, intent and timing with business and service selections and one of the first mobile app providers to recognize the inherent need for access to information while in the car and while on the move, MyCityWay is leading the convergence of mobile, social and lifestyle.

The free application is available on iPhone, iPad, iPod, Android and BlackBerry mobile devices. With MyCityWay, drivers and smartphone users alike can look up the current traffic patterns on traffic cams to find the best route to get to their desired location; determine the best parking spot in advance of their journey; uncover local city-specific utility information; or find the hottest shopping spots in town. MyCityWay users can also create profiles and interact with friends and family via Twitter, Facebook and other social media properties. 

Ian Robertson, Member of the Board of Management of BMW AG, Sales and Marketing said, "I am thrilled to announce that we have just signed our first strategic partnership with My City Way. As a mobile app, My City Way provides users with information on public transportation, parking availability, and local entertainment for over 40 cities in the US. Another 40 cities will be part of the global rollout, including Munich, of course."

"Extending MyCityWay's social tools, destination-based information and user-profile driven capabilities to the car environment is a perfect match and the ultimate city guide at your fingertips," said Lawrence D. Lenihan, Managing Director at FirstMark Capital. "We are delighted to continue to support the company during its next stage of growth as they uncover new opportunities and build strategic partnerships to deliver real-time information on the go."

About MyCityWay
MyCityWay is a real-time, user driven, geo-aware urban reference for mobile devices. Users can find local restaurants, shopping, hospitals, events, parking locations, utility services, WiFi locations and much more -- all from a single, easy to use application. As an all-inclusive mobile app, MyCityWay offers user the ability to interact with business locations or services, read or write consumer reviews and communicate with friends and family using popular social properties like Twitter and Facebook. Winner of the "NYC Big Apps Competition" for Popular Choice and Investor's Choice in 2010, MyCityWay has gone on to develop and launch city applications for more than 40 cities throughout the world including: New York, Boston, Chicago, Los Angeles, San Francisco, Washington D.C., London and Paris. MyCityWay is available for download at NYCWay or MyCityWay--USA. For more cities, visit MyCityWay on iTunes.

About BMW i Ventures
The venture capital company BMW i Ventures has the goal to expand the range of products and services offered by BMW i in the long term by taking stakes in highly innovative service providers. The field of location-based mobility services is emerging and continuously changing. In order to engage in the most flexible way, the BMW Group has founded BMW i Ventures -- a Venture Capital Company based in New York City. BMW i Ventures provides early- and mid-stage investments with high-potential in the area of Mobility Services. The company has access to the resources of the BMW Group and can act with the speed and agility of a start-up. We aim for strategic, long-term partnerships. For more information, visit http://www.bmw-i.com/en_ww/mobility-services/

About FirstMark Capital
Based in New York City, FirstMark Capital invests in ground-breaking companies that are creating new markets with innovative technology solutions or fundamentally changing existing markets by applying a fresh approach and new business model. A venture leader with nearly $2 billion in capital commitments, FirstMark's team of investment and operations professionals have decades of real-world experience and leadership in core technology markets, making the firm uniquely qualified to offer industry insight, relationships and the operational expertise to build lasting businesses. Select historical investments include: Netgear, Inc.; First Advantage Corp. (Acquired by First American Corporation); StubHub, Inc (Acquired by eBay, Inc.); Netegrity, Inc. (Acquired by CA Inc); Flarion, Inc. (Acquired by Qualcomm, Inc); OutlookSoft Inc. (Acquired by SAP AG); Vallent (Acquired by IBM), Navic (Acquired by Microsoft), Boomi (Acquired by Dell), SPADAC (Acquired by GeoEye, Inc) and Riot Games (Acquired by Tencent Holdings). Current investments include: SecondMarket, Knewton, OpenGamma, Shopify, Clickable and Lumos Labs. For more information, visit www.firstmarkcap.com.

About IA Venture
IA Ventures is a seed-stage venture capital firm focused on tools and technologies designed to manage and extract value from Big Data. We believe that a confluence of factors, including commodity clusters, cloud platforms and advanced statistical algorithms, are enabling a Big Data revolution. With that in mind, we invest in early stage companies that build the tools, technologies and analytics required to manage and extract value from today's massive, occasionally unstructured, often real-time datasets. For more information, please visit http://iaventures.com

Contact Information

  • Media Contacts:
    For MyCityWay
    Sonpreet Bhatia
    MyCityWay, Inc
    (914) 473 5095
    Email Contact

    For FirstMark Capital
    April Harned Burghardt
    Articulate Communications
    212-255-0080 ext. 23
    Email Contact