RelayRides Raises $5.1 Million In Series A From August Capital and Google

Posted Mar 12, 2011

RelayRides is a car sharing service that is similar to Zipcar. The company has raised $5.1 million from August Capital and Google Ventures according to an SEC filing. The company is still aiming to raise an additional $770,000 according to the filing.

RelayRides lets car owners list their vehicles on the website and rent it out to others in the community. Once the car is listed, RelayRides sends out a representative to attach a device to the car. This lets RelayRides member access to the reserved car. Car owners set the price.

The car owner gets 65% of the total rental fee and RelayRides gets 15%. The rest of the fee goes towards insurance. Borrowers have to go through a driving record check. RelayRides is based in Boston and started in November 2008.