Zipcar Inc., a car-sharing service, has completed a $21m Series G financing.
The round was led by Meritech Capital Partners, which committed $20m, with participation from Pinnacle Ventures, which contributed an additional $1m.
Zipcar intends to use the capital to fund working capital needs, finance fleet growth, strengthen its balance sheet and continue its geographic expansion.
The company operates a large car-sharing service with more than 500,000 members and 8,000 vehicles in urban areas and college campuses throughout the United States, Canada and the United Kingdom.
Zipcar is designed to offer different self-service vehicles – by the hour or day – to residents and businesses looking for an alternative to the high costs and hassles of owning a car.