Transfercar, an online relocation service that calls itself "the free rental company," has received a new round of investments from entrepreneur Dennis Round to fund its U.S. launch. The $389,790 funds are a combination of private equity and loans.
According to the company, the money will be used to fund its U.S. launch as well as additional revenue streams and continued development of the Web application.
Dennis Round will join Transfercar as the global sales director. Round founded Violation Management Services, a global traffic violation management firm for car rental and leasing industries, in New York in 2001.
“We’re delighted to strengthen the team with Dennis’ long experience in the automotive industry,” said Brian Karlson, Transfercar CEO. “His U.S. expertise will be critical as we move into the next phase of Transfercar’s growth.”
According to press materials, Transfercar facilitates contact between rental operators that need to relocate their vehicles and travelers who would like to drive their cars free of charge. The rental operators submit their relocations to Transfercar using the Web or integrations with fleet management systems. Prospective drivers then request the relocations through the website, mobile phones or email.
Founded in 2008, Transfercar previously received $129,930 from Nils August Andresen, a Norwegian Angel Investor, in February 2008. Transfercar runs rental car relocation websites in the U.S., Australia and New Zealand.
For more information, visit www.transfercarus.com.