Wednesday, November 29, 2006

Zipcar Raises $25 Million - Cambridge, MA

Zipcar, the Cambridge-based provider of car-sharing services, has raised $25 million in a venture capital deal led by Greylock Partners. In connection with the financing, the company announced on Wednesday that it is launching its service in London. Zipcar members can reserve automobiles online or by phone, 24 hours a day, seven days a week. They have automated access to any Zipcar across North America and the U.K. using a "Zipcard" to unlock the door and drive away. The new funds will be used to "rapidly scale" its business, adding new vehicles and locations in its established markets, while expanding to new domestic and international cities, the company said. Other investors in Zipcar's latest venture capital round include Globespan Capital Partners and Benchmark Capital.


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