ZipCar Buys Stake in Avancar

Zipcar Inc., a Cambridge, Mass.-based car sharing service, has acquired a minority stake in Spanish car-sharing company Catalunya Carsharing (aka Avancar). No financial terms were disclosed, except that ZipCar has an option to increase its ownership percentage. ZipCar has raised over $38 million in VC funding, from firms like Greylock Partners, Benchmark Capital and Globespan Capital Partners.

PRESS RELEASE

Zipcar, Inc. (“Zipcar”), the world’s leading car sharing service, today announced their participation in a round of financing with the existing owners of Catalunya Carsharing S.A., a Spanish limited liability company, known as Avancar (“Avancar”). Under the terms of the agreement, Zipcar has a minority interest in Avancar, a Zipcar executive will join Avancar’s board, and during the next year, Zipcar has the option to increase its ownership stake.

“We are impressed with the progress Avancar has made during their start-up phase in Barcelona,” stated Scott Griffith, Chairman and CEO of Zipcar. “We are looking forward to working with Avancar to help Barcelona realize the full economic and environmental benefits of car sharing.”

About Avancar

Avancar Carsharing was the first car sharing operator in Spain, and has been offering cars per hour or per day in Barcelona and its metropolitan area since 2005. More than 3500 clients (20% of them businesses and administrations) use the service for private or business trips and take advantage of having a car without buying one. Avancar Carsharing has more than 120 vehicles of different types, in 39 locations.

About Zipcar

Zipcar, Inc. is the world’s leading car-sharing service with 350,000 members and approximately 6,500 vehicles in urban areas and college campuses throughout 28 North American states and provinces as well as in London, England. As a leader in urban transportation, Zipcar offers more than 30 makes and models of self-service vehicles by the hour or day to savvy city residents and businesses looking for an alternative to the high costs and hassles of owning a car in the city. More information is available at www.zipcar.com.

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