Zagster, a Cambridge, Mass.-based provider of a bike sharing service aimed at the hospitality, real estate and employer markets, has raised $1m in funding.
The round was led by LaunchCapital, with participation from Fontinalis Partners, and Boston-area angel investors John Landry and Jean Hammond.
The company intends to use the capital to accelerate a national rollout of its service by hiring sales and operational support staff, as well as advancing its bike sharing platform technology.
Founded in Philadelphia in 2007 by Timothy Ericson, CEO, Zagster is developing bike sharing programs in partnership with real estate/apartment companies, businesses, hotel chains and universities that deside to provide services and benefits to tenants, guests and employees.
Zagster differs from public bike share systems, which are typically designed for short trips and focuses on users who need the bike for longer periods of time and/or who are making round trips.
How it works
Zagster members receive a code on their mobile phone to unlock the bike at the beginning of the trip and to lock it during the trip. At the end of the trip, the member returns the bike to its original location, by sending a text message to Zagster to re-lock the bike.
The company is building a national network of suppliers and service professionals to ensure deployment and high quality service.
FinSMEs
18/10/2012