On Wednesday, looking at the challenges areas pose to find a car parking space that is safe and affordable, BMW iVentures has made a strategic investment in a parking startup ZIRX. The financial terms of the deal were not disclosed. Before this investment, ZIRX has raised $36.4 from two funding rounds from investors like Bessemer Venture Partners, Norwest Venture Partners and Trinity Ventures.
Founded in 2014 by Sean Behr, the startup ZIRX offers on-demand valet and other car services like car washes, gas refills, electric vehicle charging, oil changes, tire rotation and factory maintenance. The startup also has corporate clients that allows companies to offer their employees on-demand parking. It has teamed up with Live Nation, Automatic Labs and Insomniac and Juno Therapeutics to provide its services. It offers services in cities like New York, Los Angeles, San Diego, San Francisco, Seattle and Washington DC.
“We are excited that BMW i Ventures has made a strategic investment in ZIRX and are looking forward to working together to help deliver our vision of making parking and car services easier and more convenient than ever,” said the San Francisco startup’s CEO Behr. He also added, “Our unique on-demand valet and services offerings are taking off in every market we are in today and over the coming weeks and months we’ll be bringing new products and services out that will continue change the world’s $41 billion parking market.”
“BMW i Ventures provides equity financing to service providers it identifies as having high potential to make urban mobility smarter, more efficient and more flexible,” said Ulrich Quay, managing director of BMW i Ventures. “With its combination of service and technology that makes it easier for drivers to park and take care of their cars, ZIRX has the potential to be a central component of on-demand services.”
With the investment from BWM, it does not mean that BMW would come with the valet services. However, there is not clear-cut plans as to how it would work right now. In future, there is a possibility of BMW’s dashboard having ZIRX app or a valet service for its Getaround rental car competitor.