Total amount raised
$107.7 Millions
Latest funding date
12/1/2010
Location
Zipcar has successfully raised significant funding across multiple rounds, with notable investors such as Pinnacle Ventures and Meritech Capital Partners. The company offers a car-sharing service that allows users to book vehicles by the hour or day, providing a flexible alternative to traditional car rental.
Keep reading to explore the intricacies of Zipcar's fundraising journey and the investors backing this innovative platform.
What Is Zipcar?
Zipcar, founded on October 31, 2000, in Cambridge, Massachusetts, is a membership-based car-sharing company. The company was established by Antje Danielson and Robin Chase.
Zipcar offers a flexible car-sharing service that allows members to book vehicles by the hour or day using a mobile app, with gas and insurance included. This service caters to individuals, businesses, and universities, providing a convenient alternative to car ownership.
With a workforce of 251-500 employees, Zipcar continues to innovate in the car-sharing industry, offering solutions like electric vehicle charging and 24/7 support.
How Much Funding Has Zipcar Raised?
- Series B
- Amount Raised: $4.7M
- Date: December 2002
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the service and improve technology infrastructure.
- Series C
- Amount Raised: $2M
- Date: November 2003
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support market expansion and increase vehicle fleet.
- Series D
- Amount Raised: $10M
- Date: January 2005
- Lead Investors: Benchmark
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance customer service.
- Series E
- Amount Raised: $25M
- Date: November 2006
- Lead Investors: Greylock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enter new markets.
- Series F
- Amount Raised: $45M
- Date: November 2007
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen financial position and support geographic expansion.
- Series G
- Amount Raised: $21M
- Date: December 2010
- Lead Investors: Meritech Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen the balance sheet and continue geographic expansion.
Total Amount Raised: $107.7M. Current Valuation: Not publicly disclosed.
Key Investors
- Meritech Capital Partners
- Details: Meritech Capital Partners is a leading venture capital firm that invests in late-stage technology companies. They have a strong track record of supporting high-growth companies through their expansion phases.
- Investment Focus Areas: Technology, healthcare, consumer internet.
- Notable Investments: Facebook, Salesforce, Zipcar.
- Greylock
- Details: Greylock is a prominent venture capital firm with a history of investing in early and growth-stage companies. They are known for their deep industry expertise and strong network.
- Investment Focus Areas: Enterprise software, consumer internet, healthcare.
- Notable Investments: LinkedIn, Airbnb, Dropbox.
- Benchmark
- Details: Benchmark is a venture capital firm that focuses on early-stage investments in technology companies. They are recognized for their hands-on approach and successful portfolio.
- Investment Focus Areas: Software, mobile, marketplaces.
- Notable Investments: Uber, Twitter, eBay.
- Pinnacle Ventures
- Details: Pinnacle Ventures is a private venture capital firm that provides growth capital to technology and healthcare companies. They focus on companies with strong potential for market leadership.
- Investment Focus Areas: Technology, healthcare, clean technology.
- Notable Investments: Tesla, Facebook, Zipcar.
What's Next for Zipcar?
Zipcar's future looks promising with significant opportunities for geographic expansion and financial strengthening. The recent $21 million funding round, led by Meritech Capital Partners, is set to bolster their balance sheet and support their growth into new markets. Adding industry veteran Steve Case to the board further enhances their strategic direction.
As the car-sharing industry continues to grow, Zipcar is well-positioned to capitalize on this trend. Future fundraising, including potential additional rounds and a successful IPO, could provide the necessary capital for further expansion and acquisitions. However, they must navigate challenges such as competition and regulatory hurdles in new markets.
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