The Hubcap

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Zipcar adds $25M worth of zip

November 29th, 2006 by hubcapper

Zipcar, the urban car sharing pioneer, announced $25 million in funding led by Greylock Partners, with participation from Globespan Capital Partners existing lead investor Benchmark Capital.

Along with the investment, the Cambridge company announced the launch of operations in London, its first international market. The company plans to have over 100 vehicles operational in London by January 2007. In a unique twist on globalization, Zipcar customers from the US will be able to check out cars while traveling in London using their home accounts.

But Zipcar won’t be spending all of its money on steel and rubber. The company also intends to use its new shot of capital to “advance key elements of the company’s unique self-service business model, including its proprietary, technology platform.”