Lightspeed Venture Partners and Google Ventures have pooled together to invest a $10 million Series A round in the ridesharing company SideCar, which operates a peer-to-peer ridesharing network. The San Francisco-based company had previously raised an undisclosed amount of seed funding from numerous investors, including Spring Ventures, Huron River Ventures, SV Angel, Lerer Ventures, First Step Fund, Jeff Clarke, Lisa Gansky, Robert Goldberg, Jared Kopf, Konstantin Othmer, Mark Pincus, Martin Roscheisen, Josh Silverman and Thomas Varghese.
Rideshare Company SideCar Experiences Explosive Growth Raises Series A Financing of $10 Million from Lightspeed Venture Partners and Google Ventures
SAN FRANCISCO, CA (October 10, 2012) – SideCar (www.side.cr), the leading on-demand rideshare network, today announced it has raised a Series A financing round of $10 million from Lightspeed Venture Partners and Google Ventures. SideCar is a peer-to-peer community that is rethinking transportation by connecting everyday drivers who have a car with nearby passengers who are looking for an instant, affordable, environmentally sound and fun way to get around the city. The funds will be used to grow the company’s operations, further develop technology and expand into new markets nationwide.
SideCar launched in San Francisco last June and has experienced significant growth since that time adding hundreds of new drivers and thousands of new passengers to its network while facilitating more than 50,000 rides. The company plans to enter into new markets later this year.
“We created SideCar as an easy way to get around, but also as a first step in transforming transportation on a larger scale,” said Sunil Paul, CEO SideCar. “We will use this investment to build our team, take our innovation to the rest of the world, and roll out products to accelerate the crowd-sourced transportation movement.”
“SideCar has quickly established itself as a top transportation option in San Francisco with 60 percent month over month growth since launch; it’s a great example of the strength of the Sharing Economy in action,” said Justin Caldbeck, Managing Director at Lightspeed Venture Partners. “It’s also a great option for mainstream consumers who live in the Bay Area and want a high level of reliability when they request a ride without needing to pay $50 to ride a few blocks. We look forward to working with the SideCar team as they rewrite the rules on how we get around.”
“The transportation industry is going through a major transformation,” said Joe Kraus, partner at Google Ventures. “With ridesharing gaining popularity, SideCar is in a strong position to quickly become a leader in the space. We are thrilled to partner with Sunil as he scales the company to change the way we think about commuting.”
The company also announced that SideCar has acquired US Patent #6356838. Issued to Sunil Paul in 2002, this patent covers a method for accepting a transportation request for passenger pickup, determining location and directing a vehicle to the requested location. The patent represents Paul’s decade-long vision to enable communities to create their own transportation networks.
SideCar’s free mobile application is available for download for passengers via the App Store for iPhone and GooglePlay for Android users. Drivers can apply to be part of the community at www.side.cr/drive.
SideCar (Side.cr) is the leading crowd-sourced transportation network that is rethinking transportation by connecting everyday drivers who have a car with nearby passengers who are looking for an instant, affordable, environmentally sound and fun way to get around the city. Founded in 2012, SideCar has facilitated nearly 50,000 rides in San Francisco. The company’s investors include Lightspeed Venture Partners, Google Ventures, Spring Ventures, Huron River Ventures, SV Angel, Lerer Ventures, First Step Fund, Jeff Clarke, Lisa Gansky, Robert Goldberg, Jared Kopf, Konstantin Othmer, Mark Pincus, Martin Roscheisen, Josh Silverman and Thomas Varghese. The free mobile application is available for download for passengers via the App Store for iPhone and GooglePlay for Android users. Drivers can apply to be part of the community at www.side.cr/drive.
About Lightspeed Venture Partners
Lightspeed Venture Partners is a leading global venture capital firm with over $2 billion under management and teams in Silicon Valley, India, Israel and China with Lightspeed China Partners. Over the past two decades, the Lightspeed team has backed more than 200 consumer, enterprise and cleantech companies, many of which have become leaders in their respective markets, including Blue Nile, Brocade, DoubleClick, eHealth, Flixster, Fusion-io, Informatica, Kosmix, LivingSocial, Lucky Pai, Nicira Playdom, Provigent, Riverbed Technology, Serious Business, Solazyme, TaskRabbit, TutorVista, Virsa Systems, Waveset, and XtremIO. For more information, please visit: www.lightspeedvp.com
About Google Ventures
Google Ventures provides seed, venture and growth stage funding to the most innovative and promising entrepreneurs across a variety of stages. Founded in 2009, Google Ventures helps its entrepreneurs succeed by providing access to uniquely hands-on and dedicated resources such as its Design Studio, Marketing, Recruiting, and Engineering Teams, and Startup Lab. The Google Ventures team has extensive entrepreneurial experience, deep technical knowledge and expertise in building high growth, scalable products and companies. Among its 100+ investments are Nest, Kabam, HomeAway, ngmoco, DocuSign and WhaleShark Media. Google Ventures is headquartered in Mountain View, Calif. with offices in Cambridge, Mass., Seattle, Wash. and New York, N.Y. For more information, please visit www.googleventures.com.