RelayRides Series A.3 Funding Up to $13 Million, GM Ventures Joins Google Ventures, August Capital, Shasta Ventures as Backers
The Peer-to-Peer Carsharing Marketplace to Use New Investment to Accelerate U.S. Expansion
Oct 26, 2011, 05:27 ET
SAN FRANCISCO, Oct. 26, 2011 /PRNewswire/ -- RelayRides (http://www.RelayRides.com), the world's first neighbor-to-neighbor carsharing marketplace, today announces that General Motors Ventures and RelayRides CEO Andre Haddad are joining previous RelayRides investors Google Ventures, August Capital and Shasta Ventures in bringing the company's total Series A funding to $13 million.
The GM Ventures investment comes on the heels of the automaker's recent announcement of an exclusive partnership with RelayRides that is launching in early 2012. Through an innovative technology integration, RelayRides will leverage OnStar-enabled GM vehicles to allow RelayRides borrowers to unlock reserved cars with their mobile phones. For vehicles not equipped with OnStar, RelayRides can install a small device to provide borrowers with convenient access to the car. All eligible OnStar vehicles are "RelayRides ready," with no hardware installation needed.
The new investment, as well as the GM partnership, will fuel RelayRides' aggressive expansion beyond the San Francisco and Boston regions into other U.S. markets.
"The RelayRides/GM partnership gives us an unprecedented opportunity to grow the RelayRides marketplace, and this funding will help us realize a goal of introducing carsharing to a whole new group of drivers," said RelayRides Chief Executive Officer Andre Haddad. "Whether it's by helping a car owner make a few bucks renting out their vehicle or by giving the budget-conscious motorist an affordable driving alternative, the partnership allows us to bring the benefits of the RelayRides community to millions of new users in the U.S."
RelayRides connects car owners with those in need of an auto through a user-friendly platform. Owners make money – on average more than $250 in monthly revenue – as they provide neighbors with affordable access to a car. In using pre-existing autos, the service is more eco-friendly than those of competitors that put new cars on the road. RelayRides is the only company with its unmatched security technology and a $1M per transaction insurance policy.
To learn more and enroll, visit http://www.RelayRides.com.
About General Motors Ventures
General Motors Ventures LLC is a subsidiary designed to help the company identify and develop innovative technologies in the automotive/transportation sector. GM Ventures has been funded with an initial investment of $100 million, and is exploring equity investments in a number of auto-related technologies and business models. More information can be found at www.gmventures.com.
RelayRides is the world's first peer-to-peer carsharing marketplace. RelayRides connects people who need a car with vehicle owners whose rides would otherwise be sitting idle. The company backs its service with a $1 million insurance policy and features proprietary, best-in-class technology for a convenient, secure and smooth exchange. RelayRides is a venture-funded company backed by Google Ventures, August Capital, Shasta Ventures and General Motors Ventures. In early 2012, RelayRides and General Motors will launch a program that will enable GM vehicle owners to use the OnStar system to rent out their cars through the RelayRides.
More information about RelayRides and its service is available at: http://www.RelayRides.com.
Mark de la Vina
Tel: +1 415 282 4795
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