Car-sharing company Zipcar says that it has not raised any new venture capital funding, following a peHUB report that the company had scored $45 million. Instead, the amount is related to the previously-announced acquisition of rival FlexCar.
Our error stemmed from a regulatory filing (zipcar.pdf) indicating that the company had sold a new round of preferred stock financing from existing shareholders. We had suggested that the filing could be related to Flexcar, but assumed otherwise, given that Flexcar seller Revolution LLC was not listed as a significant shareholder (as prior statements said it would be).
I just spoke with ZipCar CFO Ed Goldfinger, who said he was not sure why Revolution was not listed, but would get back to me. He also confirmed that the merger was closed, with $45 million representing the “preferred equity amount associated” with the deal.
Apologies for the error.