RelayRides raises $25 million in funding
RelayRides, the San Francisco based car sharing service, announced that it has raised $25 million in funding. RelayRides has raised a total of $44 million thus far. Canaan Partners led this round of funding with participation from Shasta Ventures, Google Ventures, August Capital.
RelayRides started out by letting people rent their idle cars by the hour to people that need vehicles. RelayRides focused on long-term rentals since then, which has been more lucrative than the hourly rentals. RelayRides currently offers cars at 300 airports across the country and it started out at San Francisco International Airport.
RelayRides has its own off-site parking lot at SFO and users can drop off their car for free in exchange for letting visitors drive it while they are out of town. The car owners get $0.10 per mile in addition to a car wash and free parking.
RelayRides does not need to purchase its own fleet of cars so it has less overhead than traditional car rental companies. RelayRides plans to use the funding to expand its model into other cities and enhance its mobile services.