Car share service ZipCar Inc. said Wednesday it raised a $21 million Series G round of funding. Meritech Capital Partners led the round with a $20 million investment. Pinnacle Ventures LLC contributed an additional $1 million. The Cambridge, Mass., company did not say how the funding would impact its plans for an IPO.
Zipcar Completes $21 Million Series G Financing
Capital Will be Used to Fund Fleet Growth and Business Expansion
CAMBRIDGE, Mass., Dec. 15, 2010 /PRNewswire/ — Zipcar Inc., the world’s leading car-sharing service, announced today that it has completed a Series G financing, totaling $21 million. Meritech Capital Partners led the round with a $20 million investment. Pinnacle Ventures LLC contributed an additional $1 million.
Zipcar will use the proceeds to fund working capital needs and finance fleet growth. The company will also use the capital to strengthen its balance sheet and continue its geographic expansion.
Zipcar is the world’s leading car-sharing service with more than 500,000 members and 8,000 vehicles in urban areas and college campuses throughout the United States, Canada and the United Kingdom. Zipcar offers more than 30 makes and models of self-service vehicles by the hour or day to residents and businesses looking for an alternative to the high costs and hassles of owning a car. More information is available at www.zipcar.com.
Zipcar and the Zipcar logo are trademarks of Zipcar, Inc.
SOURCE Zipcar Inc.