VC-Backed IPO Pipeline: Lots of Inflow and Outflow
The VC-backed IPO pipeline got a bit more clogged since the last time we checked in, with six new issuers filing to raise around $616 million. Four companies priced offerings during the same period, meaning that the pipeline now holds 40 companies seeking to raise around $3.4 billion.
The new filers are: Demand Media, JHorizon Pharma, Complete Genomics, SiGe Semiconductor, MakeMyTrip and Epocrates. I also considered including Skype, but that’s more of a buyout-backed offering (despite the involvement of Andreessen Horowitz). Those that priced over were: Green Dot, Envestnet, Trius Therapeutics and RealD.
The full pipeline is below. We lead off with new issuers, and then proceed alphabetically:
Demand Media, a Santa Monica, Calif.-based provider of distributed social media, filed for a $125 million IPO on August 6. It plans to trade on the, with Goldman Sachs, Allen & Co. and Morgan Stanley serving as co-lead underwriters.The company reported revenue of $198 million in 2009 and $114 million for the six months ended June 30, 2010.
Demand Media has raised nearly $400 million in VC funding, from Goldman Sachs, Generation Capital Partners, Oak Investment Partners, Spectrum Equity Investors and 3i Group (whose shares are now held by W Capital Partners). www.demand.com
Horizon Pharma Inc., a Northbrook, Ill.-based drug developer focused on arthritis, pain and inflammatory diseases, filed for an $86.25 million IPO on August 3. It plans to trade on the Nasdaq under ticker symbol HZNP, with Jefferies & Co. and Piper Jaffray serving as co-lead underwriters.The company has raised around $54 million in VC funding since its 2004 founding as Nitec Pharma. Shareholders include Atlas Venture (17.4% pre-IPO stake), Essex Woodlands Health Ventures (14%), Scale Venture Partners (13.4%), NGN Biomed (9.9%), Sutter Hill Ventures (5.9%), FirstMark Capital (7.9%), Global Life Sciences Ventures (7.8%) and TVM (5.7%). www.nitecpharma.com
Complete Genomics Inc., a Mountain View, Calif.-based human genome sequencing company, filed for an $86.25 million IPO on July 30. It plans to trade on the Nasdaq under ticker symbol GNOM, with UBS Investment Bank and Jefferies & Co. serving as co-lead underwriters.The company has raised around $90 million in total VC funding since 2006, from Essex Woodlands Health Ventures, OrbiMed Advisors, Enterprise Partners Venture Capital, OVP Venture Partners, Prospect Venture Partners and Highland Capital Management. www.completegenomics.com
SiGe Semiconductor Inc., an Ottawa-based supplier of RF front-end solutions for wireless systems, filed for a $143.75 million IPO on July 29. It plans to trade on the Nasdaq under ticker symbol SIGE, with Barclays Capital, Deutsche Bank Securities and Jefferies & Co. serving as co-lead underwriters.The company reports $20.69 million in revenue for Q1 2010, compared to $16.43 million for Q1 2009.
SiGe Semiconductor has raised around $132 million in VC funding since 1999. Current shareholders include Prism VentureWorks (19.8% pre-IPO stake), VenGrowth (15.5%), W Capital Partners (11.2%), TD Capital and Caisse de depot et placement du Quebec. www.sige.com
MakeMyTrip Ltd., an Indian online travel portal, filed for a $100 million IPO on July 26. It has since set its IPO terms to five million ordinary shares being offered at between $12 and $14 per share. The company plans to trade on the Nasdaq under ticker symbol MMYT, with Morgan Stanley serving as lead underwriter.MakeMyTrip reports a $6.2 million loss for the fiscal year ending March 31, on $83.56 million in revenue.
Shareholders include Softbank Asia Infrastructure Fund (51.32% pre-IPO stake), Tiger Global Private Investment Partners (12.14%), Helion Ventures (11.97%) and Sierra Ventures (7.98%). www.makemytrip.com
Epocrates Inc., a San Mateo, Calif.-based provider of clinical information and support tools to healthcare professionals, filed for a $75 million IPO on July 16. It originally filed for a $75 million IPO in April 2008, but withdrew later that year, telling the SEC that its offering would have been “discretionary financing.”The company plans to trade on the Nasdaq under ticker symbol EPOC, with J.P. Morgan and Piper Jaffray serving as co-lead underwriters. Citi had been listed as sole underwriter on the previous S-1, but is not mentioned in the latest filing.
The company has raised over $86 million in VC funding, from firms like The Sprout Group (17.2% stake), Goldman Sachs (16.2%), InterWest Partners (12.8%), Draper Fisher Jurvetson (10.5%), Three Arch Partners (10.4%) and Bay City Capital (7.4%). www.epocrates.com
Aldagen Inc., a Durham, N.C.-based developer of clinical-stage regenerative therapies, filed for an $80.5 million IPO on 10/28/09, just weeks after withdrawing an earlier IPO registration due to “market conditions.”It plans to trade on the Nasdaq, with Wells Fargo and Cowen & Co. serving as co-lead underwriters.
Aldagen has raised around $64 million in VC funding since 2000, from firms like Intersouth Partners, Harbert Venture Partners, The Aurora Funds, Tullis-Dickerson and Trelys Funds. www.aldegen.com
Amyris Biotechnologies Inc., an Emeryville, Calif.-based synthetic biology company that developers renewable hydrocarbon biofuels, filed for a $100 million IPO on April 16. It plans to trade under ticker symbol AMRS, with Goldman Sachs, J.P. Morgan and Morgan Stanley serving as co-lead underwriters.
The company reports $64 million in 2009 revenue, compared to $14 million in 2008.
Amyris has raised over $240 million in VC funding, from Kleiner Perkins (15.4% pre-IPO stake), Kohsla Ventures (15.4%), TPG Biotech (12.1%), Advanced Equities (6.7%), Temasek Holdings, DAG Ventures, Votorantim Novos Negocios, Grupo Cornélio Brennand, Naxos UK, The Westly Group and Stratus Group. www.amyrisbiotech.com
Beceem Communications, a Santa Clara, Calif.-based provider of mobile WiMAX chipsets, filed for a $100 million IPO on April 2. It plans to trade on the Nasdaq under ticker symbol BECM, with J.P. Morgan and Barclays Capital serving as co-lead underwriters.The company reports $43 million in 2009 revenue, compared to nearly $14 million in 2008.
Beceem Communications has raised around $110 million in VC funding since 2003, from Intel Capital (20.3% pre-IPO stake), Walden International (16.3%), Global Catalyst Partners (16.3%), Khosla Ventures (5.9%), NEC, KTB Ventures, Mitsui, Motorola and Samsung. www.beceem.com
BG Medicine Inc., a Waltham, Mass.-based developer of molecular diagnostics based on biomarkers, filed for an $86.25 million IPO on January 29. It plans to trade on the Nasdaq under ticker symbol BGMD, with Jefferies & Co. and UBS serving as co-lead underwriters. The company previously filed for a $72 million IPO in 2007 with Cowen & Co. as lead underwriter, but later pulled the offering due to “unfavorable market conditions.”BG Medicine has raised over $37 million in VC funding since 2000, from firms like Flagship Ventures (44.4% pre-IPO stake), Gilde Investment Management (14.1%) and Koniklijke Philips Electronics (5.6%). www.beyondgenomics.com
Broadview Networks Inc., a Rye Brook, N.Y.-based provider of integrated communications and managed security services, filed for a $287.5 million IPO on 11/30/07 (yes, you read that correctly).Its most recent amended S-1 filing was in June 2008. It said that the company still plans to trade on the Nasdaq, with Deutsche Bank Securities and Jefferies & Co. serving as co-lead underwriters.
Last August, the company bought select assets of VC-backed Natural Convergence.
Broadview has raised nearly $300 million in total VC funding since 1997, with current shareholders including Baker Capital, MCG Capital, New Enterprise Associates, ComVentures and Lightspeed Venture Partners. www.broadviewnet.com
Digital Domain Inc., a Venice, Calif.-based visual effects and animation company, filed for a $100 million IPO on 12/11/07. It later amended the terms to six million common shares being offered at between $12 and $14 per share. The company would have an initial market cap of approximately $268 million, were it to price at the high end of its offering range.Digital Domain plans to trade on the Nasdaq under ticker symbol DTWO, with Thomas Weisel Partners and CIBC World Markets serving as co-lead underwriters. Shareholders include Falcon Mezzanine Partners and GunnAllen Venture Partners. www.digitaldomain.com
Energy and Power Solutions Inc., a Costa Mesa, Calif.-based provider of energy efficiency solutions to the industrial market, filed for a $25 million IPO on March 31. No underwriters were listed.The company reports around $12 million in 2009 revenue, compared to over $17 million in 2008 revenue. Shareholders include NGEN Partners, SAM Private Equity and Altira Group. www.epsway.com
Everyday Health Inc., a Brooklyn, N.Y.-based, filed for a $100 million IPO on January 22. The company plans to trade on the Nasdaq under ticker symbol EVDY, with Goldman Sachs and J.P. Morgan serving as co-lead underwriters.Shareholders include WF Holding Co. (29.5% pre-IPO stake), Rho Ventures (24.6%), Scale Venture Partners (7.5%), Foundation Capital (6.1%) and NeoCarta Ventures (6%).
Ellie Mae Inc., a Pleasanton, Calif.-based electronic mortgage origination network, filed for an $86.25 million IPO on April 30. It plans to trade on the NYSE under ticker symbol ELLI, with Goldman Sachs serving as lead underwriter.The company reports $37 million in 2009 revenue, up from $33 million in 2008. Net income was $1.66 million, up from negative $1 million in 2008.
Shareholders include Charter Ventures (15.6% pre-IPO stake), Alta Partners (12.18%) and Alloy Ventures (8.6%). www.elliemae.com
Eyeblaster Inc. (now MediaMind Technologies), a New York-based provider of digital marketing services and technology, filed for a $115 million IPO on March 10. J.P. Morgan and Deutsche Bank are serving as co-lead underwriters.
It since has set its IPO terms to 5 million shares being offered at between $14 and $16 per share. It would have an initial market cap of approximately $285 million, were it to price at the high end of its range.
The company first filed for a $115 million IPO in March 2008, but withdrew registration that December. It reports $65 million in 2009 revenue, compared to $63 million in 2008 and $44 million in 2007.
Eyeblaster has raised around $38 million in VC funding. Shareholders include Sycamore Technology Ventures (33.9% pre-IPO stake), Insight Venture Partners (22.6%) and Eli Barkat (managing director of BRM Capital). www.eyeblaster.com
Fallbrook Technologies Inc., a San Diego-based provider of technology for improving the performance and flexibility of transmissions for vehicles and equipment, filed for a $50 million IPO on February 16. CIBC and Mackie Research Capital are serving as co-lead underwriters.The company reports $871,000 in revenue for the nine months ending Sept. 30, 2009, compared to $1.96 million during the same period in 2008. Its income loss for the 2009 period was $11.7 million.
Fallbrook has raised around $24 million in VC funding from Robeco (24.1% pre-IPO stake) and NGEN Partners (23.7%). www.fallbrooktech.com
Force10 Networks Inc., a San Jose, Calif.-based provider of network routing and switching equipment, filed for a $143.75 million IPO on March 2. It plans to trade on the NYSE under ticker symbol FTEN, with J.P. Morgan, Deutsche Bank Securities and Barclays Capital serving as co-lead underwriters.
The company, which early last year merged with Turin Networks, reports 2009 revenue of $113 million and a net loss of $76 million.
Force10 has raised over $400 million in total VC funding since 1999, while Turin Networks had raised over $250 million. Current shareholders include Advanced Equities (28.1% pre-IPO stake), New Enterprise Associates (9.8%), DCM, U.S. Venture Partners and Meritech Capital Partners. www.force10networks.com
GAIN Capital Group, a Bedminster, N.J.-based provider of online foreign exchange trading services for individuals and institutions, filed for a $125 million IPO on 8/31/09. It plans to trade on the Nasdaq, with Morgan Stanley and Deutsche Bank Securities serving as co-lead underwriters.The company has raised around $172 million in VC funding, from firms like 3i Group, Cross Atlantic Capital Partners, Edison Venture Funds and VantagePoint Venture Partners. www.gaincapital.com
GameFly Inc., a subscription-based videogame rental company, filed for a $50 million IPO on February 10. It plans to trade on the Nasdaq under ticker symbol GFLY, with BoA Merrill Lynch and Piper Jaffray serving as co-lead underwriters.The company reports around $47 million in revenue for the second and third quarters of 2009, compared to $39 million over the same period in 2008. Its operating income for the 2009 period was nearly $6 million.
GameFly has raised venture capital from Sequoia Capital (51.56% pre-IPO stake) and Tenaya Capital (5.9%). www.gamefly.com
GlassHouse Technologies Inc., a Framingham, Mass.-based provider of storage consulting and services, filed for a $75 million IPO on January 28. It plans to trade on the NYSE, with Goldman Sachs and Credit Suisse serving as co-lead underwriters.The company reports $65 million in revenue for the first three quarters of 2009, compared to $62 million over the same period in 2008.
GlassHouse has raised over $72 million in VC funding, from firms like Sigma Partners (25.81% pre-IPO stake), GrandBanks Capital (12.49%), Kodiak Venture Partners (10.75%), Paladin Capital Group (9.3%), Jafco, Cisco Systems, Montagu Newhall Associates, Shiprock Capital and Dell Computer.
The company had filed for a $100 million IPO in 2007, but withdrew in early 2008 due to “current public market conditions.” Goldman Sachs was lead underwriter on the offering, which would have had GlassHouse listing on the Nasdaq. www.glasshousetech.com
Inphi Corp., a Sunnyvale, Calif.-based maker of analog semiconductor solutions for the communications and computing markets, filed for a $115 million IPO on June 16. It plans to trade on the Nasdaq under ticker symbol IPHI, with Morgan Stanley, Deutsche Bank and Jefferies & Co. serving as co-lead underwriters.
The company reports around $7.3 million in 2009 net income, on $58.85 million in revenue.
Inphi has raised more than $50 million in VC funding from Walden International (20.8% pre-IPO stake), Tallwood Venture Capital (20.5%), Mayfield Fund (18.6%) and Dali Hook Partners. www.inphi-corp.com
InvenSense Inc., a Sunnyvale, Calif.-based provider of motion sensors for consumer electronics, filed for a $100 million IPO on June 28. It plans to trade on the Nasdaq under ticker symbol INVN, with Goldman Sachs and J.P. Morgan serving as co-lead underwriters.The company reports $29 million in 2009 revenue, compared to around $7.5 million in 2008.
The company has raised around $38 million in VC funding from Artiman Ventures (22.7% pre-IPO stake), Partech International (22.6%), Sierra Ventures (8.9%), Qualcomm (7%), Foxconn, Inventec Appliances Corp., Skylake Ventures, DoCoMo Capital and VentureTech Alliance.
Ironplanet Inc., a Pleasanton, California-based operator of an online marketplace for used heavy equipment, filed for a $92 million IPO on March 18.It plans to trade on the Nasdaq under ticker symbol IRON, with J.P. Morgan and Deutsche Bank serving as co-lead underwriters.
The company has raised nearly $47 million in VC funding, from Accel Partners (19.5% pre-IPO stake), Kleiner Perkins Caufield & Byers (19.5%), Caterpillar (9.79%), Dyncorp, Marubeni Corp., IGNITE Group and Windspeed Ventures. www.ironplanet.com
NewEgg Inc., a City of Industry, Calif.-based ecommerce company focused on IT products for small and mid-sized businesses, filed for a $175 million IPO on 9/28/09. J.P. Morgan, BoA Merrill Lynch and Citi are serving as co-lead underwriters.The company said it had been profitable every year since 2001 and generated sales of $2.1 billion in 2008.
Insight Venture Partners holds a 12.7% pre-IPO position, based on a $20 million investment in 2005.
NeoPhotonics, a San Jose, Calif.-based maker of optical components using laser-reactive deposition, filed for a $115 million IPO on April 15. It plans to trade on the Nasdaq under ticker symbol NPTN, with J.P. Morgan and Deutsche Bank Securities serving as co-lead underwriters.
The company reports $155 million in 2009 revenue, compared to $133 million in 2008 and nearly $96 million in 2007. Its 2009 net loss was $6.8 million, down from $28 million in 2008.
NeoPhotnics has raised over $240 in VC funding, including a 2004 recap round. Shareholders include Oak Investment Partners, Draper Fisher Jurvetson, Concord Ventures, International Finance Corp. and ATA Ventures. www.neophotonics.com
Nexsan Corp., a Thousand Oaks, Calif.-based maker of disk-based storage systems, filed for an IPO in April 2008, but recently indefinitely postponed the offering due to “market conditions.”The company had planned to sell five million shares at between $10 and $12 per share, withThomas Weisel Partners serving as lead underwriter. Nexsanhas raised over $17 million in VC funding since 2003, from firms like VantagePoint Venture Partners (23.2% pre-IPO stake), GESFID (20%), RRE Ventures (6.9%) and Beechtree Capital. www.nexsan.com
NEXX Systems Inc., a Billerica, Mass.-based provider of processing equipment for wafer-level packaging applications, filed for a $42 million IPO on February 11. Canaccord Adams and CIBC are serving as co-lead underwriters.
It reported $22.2 million in net revenue for the first nine months of 2009.
NEXX has raised around $33 million in VC funding, from firms like Sigma Partners and Enterprise Partners Venture Capital. www.nexxsystems.com
NuPathe Inc., a Conshohocken, Penn.-based drug developer focused on the central nervous system, filed for an $86.25 million IPO on My 14. It plans to trade on the Nasdaq under ticker symbol PATH, with Lazard Capital Markets and Leerink Swann serving as co-lead underwriters.It has since set its IPO terms to five million common shares being offered at between $14 and $16 per share. It would have an initial market cap of approximately $225 million, were it to price at the high end of its range.
The company reports $11.3 million in 2009 revenue and a $15.6 million net loss.
NuPathe has raised $53 million in VC funding, from firms like Quaker BioVentures, Safeguard Scientifics, Battelle Ventures, Birchmere Ventures, S.R. One Ltd. www.nupathe.com
Prometheus Laboratories Inc., a San Diego-based drug and diagnostics company, filed for a $100 million IPO on 12/19/07. The company has raised $72.8 million in VC funding, from DLJ Merchant Banking Partners (21.4% stake), Split Rock Partners (17.4%), New Leaf Ventures (12.5%), Apax Partners (11%) , Wachovia Capital Partners (11%) and Brentwood Venture Capital (7.5%). Last April, Prometheus invested $8 million of equity into Rosetta Genomics Ltd. (Nasdaq: ROSG), as part of a licensing and collaboration agreement. www.prometheuslabs.com
RealPage Inc., a Carrolton, Texas-based provider of online property management systems for the multi-family housing market, filed for a $150 million IPO on April 29. It plans to trade on the Nasdaq, with Credit Suisse and Deutsche Bank Securities serving as co-lead underwriters.
The company reports $28 million in net income for 2009, compared to a $3.2 million net loss in 2008. Revenue rose from $112 million in 2008 to $140 million in 2009.
RealPage has raised over $40 million in VC funding since 2003, from Apax Partners (26.4% pre-IPO stake), Advance Capital Partners (6.9%), Camden Partners (4.7%) and Leeds Equity Partners. www.realpage.com
Qlik Technologies Inc., a Radnor, Penn.-based provider of business analytics software, filed for a $100 million IPO on April 1. It has since set its IPO terms to 11.2 million shares being offered at between $8.50 and $9.50 a piece. It would have an initial market cap of approximately $712 million, were it to price at the high end of its range.Shareholders include Accel Partners (26.7% pre-IPO stake), Jerusalem Venture Partners (25.4%) and Stiftelsen Industrifonden (10.1%). www.qlikview.com
ReachLocal Inc., a Woodland Hills, Calif.-based provider of online advertising solutions for local businesses, filed for a $100 million IPO on 12/22/09.J.P. Morgan and BoA Merrill Lynch are serving as co-lead underwriters.
The company later set its IPO terms to 4.17 million common shares being offered at between $17 and $19 per share. It would have an initial market cap of approximately $515 million, were it to price at the high end of its range.
ReachLocal reported over $203 million in revenue for 2009, compared to around $146 million in 2008. Its net income for the 2009 period is $11.66 million, compared to a $4.47 million loss in 2008. Net income was around $1.4 million, compared to a $7 million net loss in 2008.reported over $143 million in revenue for the first nine months of 2009, compared to around $100 million over the same period one year ago. Its net income for the 2009 period is $11.66 million, compared to a $4.47 million loss in 2008.
The company plans to trade on the Nasdaq under ticker symbol RLOC, with J.P. Morgan and BoA Merrill Lynch serving as co-lead underwriters.
ReachLocal raised around $68 million in VC funding, from VantagePoint Venture Partners (53.22% pre-IPO stake), Rho Ventures (12.94%) and Galleon Group (6.76%). www.reachlocal.com
Reply Inc., a San Ramon, Calif.-based platform to buy and sell online clicks and leads, filed for a $60 million IPO on February 22. It plans to trade on the Nasdaq under ticker symbol RPLY, with Jefferies & Co. and Piper Jaffray serving as co-lead underwriters.
The company reports around $34.3 million in 2009 revenue, compared to $23.33 million in 2008 revenue. Its 2009 net income was around $2.4 million, compared to a $3.3 million loss in 2008.
Reply has raised nearly $23 million in VC funding, from firms like Scale Venture Partners (21.47% pre-IPO stake), Outlook Ventures (6.47%) and ATEL Ventures. www.reply.com
Rules-Based Medicine Inc., an Austin, Texas-based multiplexed biomarker testing laboratory, filed for a $90 million IPO on 12/23/09. It plans to trade on the Nasdaq under ticker symbol RULE, with Jefferies & co. serving as lead underwriter.The company reported $14.5 million in revenue and a $911k net loss for the nine months ending 9/30/09.
Rules-Based Medicine raised a $25 million Series A round in 2007 led by Equity Group Investments, with Cross Creek Capital and Stephens Capital Partners also participating. www.rbmmaps.com
SciQuest Inc., a Cary, N.C.-based provider of on-demand supply and procurement software, filed for a $75 million IPO on March 26. It plans to trade on the Nasdaq under ticker symbol SQI, with Thomas Weisel Partners serving as lead underwriter.The company reports $39 million in 2009 revenue, compared to $29 million in 2008.
SciQuest had been VC-backed before going public via a $120 million IPO in 1999. It was then taken private in 2004 by Trinity Ventures. Additional investments were made by Intersouth Partners and River Cities Capital Funds. www.sciquest.com
Tangoe Inc., an Orange, Conn.-based provider of communications lifecycle management software and services, filed for a $75 million IPO on April 16. It plans to trade on the Nasdaq under ticker symbol TNGO, with Deutsche Bank Securities and Thomas Weisel Partners serving as co-lead underwriters.The company reports 2009 revenue of nearly $56 million, compared to $37.5 million in 2008. Its net loss fell to $2.55 million in 2009.
Tangoe has raised over $18 million in VC funding. Shareholders include Edison Venture Funds (21.5% pre-IPO stake), Sevin Rosen Funds (16.8%), Investor Growth Capital (12.4%) and North Atlantic Capital (9.9%). www.tangoe.com
TripWire Inc., a Portland, Ore.-based provider of IT security and compliance automation software solutions, filed for an $86.25 million IPO on May 28. It plans to trade on the Nasdaq under ticker symbol TPWR, with J.P. Morgan and Thomas Weisel Partners serving as co-lead underwriters.The company reports $74 million in 2009 revenue, compared to $62 million in 2008 revenue. Its net income rose to $19.58 million from $5.86 million.
TripWire has raised over $110 million in VC funding. Current shareholders include Advanced Technology Ventures (22.38% pre-IPO stake), Bessemer Venture Partners (10.06%), International Venture Partners (8.71%) and Industry Ventures (5.7%). www.tripwire.com
Wintegra Inc., an Austin, Texas-based provider of access processing semiconductors, filed for a $115 million IPO on May 7. It plans to trade on the Nasdaq under ticker symbol WNTG, with Barclays Capital and Deutsche Bank Securities.The company reports $12 million in 2009 revenue, compared to around $6 million in 2008 revenue. Net income moved from a small loss to a small gain.
Wintegra had withdrawn a previous IPO registration in 2006. It has raised around $26 million in VC funding from firms like Magnum Communications Fund, Concord Ventures, Texas Instruments, Genesis Partners and China Development Industrial Bank. www.wintegra.com
ZipCar, a Cambridge, Mass.-based provider of car sharing services, filed for a $75 million IPO on June1. It plans to trade on the Nasdaq under ticker symbol ZIP, with Goldman Sachs and J.P. Morgan serving as co-lead underwriters.The company reports $131 million in 2009 revenue, compared to $105 million in 2008 revenue. Its net loss fell to $4.67 million in 2009 from $14.52 million in 2008 (but increased from $2.97m in first 3 months of 2009 to $5.33m in first 3 months of 2010).
ZipCar has raised over $38 million in VC funding. Shareholders include Revolution Living (22.98% pre-IPO stake). Benchmark Capital (12.64%), Greylock Partners (7.12%), Smedvig Capital (5.57%) and Globespan Capital Partners. www.zipcar.com
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