Peer-to-peer car-sharing company RelayRides has raised $25 million in Series B funding, bringing its total funds raised to $44 million.
Lead investor Canaan Partners joins existing investors August Capital, Google Ventures and Shasta Ventures, with Canaan Partners General Partner Deepak Kamra joining the Board of Directors. The new funding will be used to accelerate customer acquisition, enhance existing products and expand into new geographies and services, according to RelayRides.
"We love Deepak's stellar track record as an operator and as an investor," said RelayRides CEO Andre Haddad. "He brings a wealth of experience to our board, having supported a legion of disruptive technology companies over the past two decades, including more than 10 IPOs. Most importantly, we decided Deepak was the best fit for RelayRides given his passion and enthusiasm for the company's mission and long-term potential. He is uniquely positioned to help RelayRides enter its next phase of development."
To celebrate this company milestone and the Fourth of July, RelayRides is giving all current and new members $20 off their next rental. Members can claim their credit by entering the promo code “USA2014” on RelayRides account page. Credit may be redeemed until end of day on Friday July 4.
"With an installed base of more than 1 billion cars around the world, most of them remaining idle the vast majority of the time, we believe RelayRides is pursuing an enormous opportunity," said Kamra. "We believe RelayRides has nailed the model for peer-to-peer car sharing and is uniquely positioned to have a huge impact on transportation. I look forward to supporting Andre and the RelayRides team in accomplishing their mission."
Since launching nationwide in March 2012, RelayRides has expanded rental bookings by enabling economic opportunities for car owners and by providing renters with more choice, better value and increased convenience.
For more information, visit www.relayrides.com.