RelayRides Raises $25M in Series B Funding
RelayRides, a San Francisco, CA-based peer-to-peer car rental marketplace, raised $25m in Series B funding.
The round, which brought the total amount raised to $44m, was led by Canaan Partners, which joined existing investors August Capital, Google Ventures and Shasta Ventures. In conjunction with the funding, Canaan Partners General Partner Deepak Kamra joined the company’s Board of Directors.
The new funding will be used to accelerate customer acquisition, enhance existing products and expand into new geographies and services.
Led by CEO Andre Haddad, RelayRides is a large peer-to-peer car rental marketplace. With vehicles in over 2,300 cities nationally, the platform, which was launched nationwide in March 2012, connects people who need a car with owners whose vehicles would otherwise go unused.
The company backs each reservation with a $1m insurance policy.