RelayRides Series A.2 Funding Lifted To $10M
Shasta Ventures, Lisa Gansky Join Google Ventures, August Capital as Backers.
SAN FRANCISCO, CA, RelayRides the world's first neighbor-to-neighbor carsharing service, today announces that Shasta Ventures and sharing economy expert, entrepreneur and "The Mesh" author Lisa Gansky are joining Google Ventures and August Capital in boosting the company's total Series A.2 funding to $10 million. The new investments will cover RelayRides' expansion throughout San Francisco and Boston proper.
With motorists increasingly choosing access to autos over ownership, Shasta Ventures and Gansky are making a strategic investment in RelayRides as a growing number of consumers use the service to safely lend their cars to neighbors - and generate on average $250 per month per vehicle. The company, which has unmatched security technology, backs its service with a $1M insurance policy.
"Peer-to-peer carsharing is no longer some theoretical idea on the horizon - it's here and is being realized through the innovative service provided by RelayRides," said Rob Coneybeer, Shasta Ventures managing director. "RelayRides is a proven sharing-economy role model. And unlike other carsharing companies, it's the most secure service out there because it allows owners to disengage their car remotely if their car should become compromised - a critical security feature for this kind of service."
This phase of expansion extends RelayRides throughout the San Francisco city limits and beyond Cambridge, Mass., into the whole of neighboring Boston. Only RelayRides launches in regions that are home to an adequate number of members, ensuring that the service is viable and that owners successfully connect with borrowers.
Also joining this funding round is Lisa Gansky, entrepreneur and author of "The Mesh: Why the Future of Business is Sharing." Gansky, a thought leader and advocate for the sharing economy, singled out RelayRides as the company well positioned to leverage the enormous potential in the emerging neighbor-to-neighbor carsharing field: "The future of business is indeed about sharing, and we are at the beginning of a major shift in our economy and lifestyle where access triumphs over ownership," said Gansky. "RelayRides is one of the shining examples of this; they are doing it right, by turning unused value into real assets for local communities, economies and the planet."
RelayRides connects car owners with those in need of an auto through their user-friendly platform. Those who loan their autos make money as they provide neighbors with convenient, affordable access to a car. Unlike other carsharing operations, RelayRides takes the eco-friendly route by leveraging existing, often idle autos rather than putting fleets of new cars on the road. RelayRides is also the only company with the kind of comprehensive technology that provide users with peace of mind when it comes to one of their most valuable assets: their car.
"I wouldn't feel comfortable putting my own car in the RelayRides system if I was unsure of our technology keeping it safe," said RelayRides founder and Chief Community Officer Shelby Clark. "We are the only company that provides a $1M insurance policy and the priceless feeling of assurance, via the technology installed in every car offered through RelayRides. With Shasta Ventures and Lisa Gansky joining Google Ventures and August Capital in funding RelayRides, it's the sort of affirmation that lets us all know we're on the right track."
RelayRides is the world's first neighbor-to-neighbor carsharing service. RelayRides enables car owners to make money while providing those in need of a car with affordable access to one. The company backs its service with a $1M 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 Lisa Gansky.
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