Zipcar Raises $21 Million In Series G
Car sharing company Zipcar has raised $21 million in Series G funding. This may mean that the company is postponing their IPO. Zipcar has about 500,000 users. Zipcar filed for an IPO back in June and it is likely that they would have raised $75 million. The S1 also indicated the Zipcar would borrow $70 million under a one-year credit facility for purchasing new cars. Zipcar also recently bought their U.K. competitor Streetcar.
Zipcar had raised the $20 million from Meritech Capital Partners and $1 million from Pinnacle Ventures. The company plans to use the funding for growing their fleet of cars and to expand geographically. Zipcar made about $79.21 million in revenues during the first six months of 2010. They lost $10.56 million during the time.
[Reuters]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry