Automotive company BMW has invested $5 million in a mobile phone application company called MyCityWay. MyCityWay is helps people find points of interest for over 40 cities in the U.S. This includes parks and restaurants.

MyCityWay has raised $300,000 of a $500,000 seed round. MyCityWay is a local search startup company and the funding is being provided by the NYC Entrepreneurial Fund. The announcement was made by Mayor Michael Bloomberg. The fund was made in collaboration between FirstMark Capital and the New York City Economic Development Corporation. [BusinessInsider]