RelayRides, a “neighbor-to-neighbor” car-sharing company, announced on Oct. 26 that General Motors Ventures and RelayRides CEO Andre Haddad are joining previous RelayRides investors to bring the company’s total Series A funding to $13 million, up $3 million from its last announcement. Other investors include Google Ventures, August Capital and Shasta Ventures.
The GM Ventures investment comes on the heels of the automaker's recent announcement of an exclusive partnership with RelayRides that is launching in early 2012. Through a technology integration, RelayRides will leverage OnStar-enabled GM vehicles to allow RelayRides borrowers to unlock reserved cars with their mobile phones.
For vehicles not equipped with OnStar, RelayRides can install a small device to provide borrowers with access to the car. All eligible OnStar vehicles are "RelayRides ready," with no hardware installation needed.
The new investment, as well as the GM partnership, will fuel RelayRides' expansion beyond the San Francisco and Boston regions and into other U.S. markets.
"The RelayRides/GM partnership gives us an unprecedented opportunity to grow the RelayRides marketplace, and this funding will help us realize a goal of introducing car sharing to a whole new group of drivers," Haddad said. "Whether it's by helping a car owner make a few bucks renting out their vehicle or by giving the budget-conscious motorist an affordable driving alternative, the partnership allows us to bring the benefits of the RelayRides community to millions of new users in the U.S."
RelayRides connects car owners with those in need of an auto through a user-friendly platform. Owners make money — on average more than $250 in monthly revenue — as they provide neighbors with affordable access to a car. RelayRides offers a $1 million insurance policy per transaction.
To learn more, visit http://www.RelayRides.com.