This week, BMW launched BMW i Ventures, which has plans to invest $100 million into mobile and eco-auto technologies, and has made its first investment in a mobile app called MyCityWay.

BMW invested $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.

MyCityWay is a real-time, user-driven, location-aware urban reference app for mobile devices. Combining a range of rich applications with vital urban information, MyCityWay is designed to help you navigate and explore the world’s cities, like never before.

Use MyCityWay to find a Chinese restaurant in your neighborhood, locate the nearest wireless hotspot, or buy tickets for the next showing of a blockbuster movie. Connect with other users to find the perfect lunch spot, keep tabs on apartments for rent, or check a live traffic feed before you leave the office.

BMW Group 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.

Download MyCityWay for your iPhone, iPad, Android and Blackberry