Zagster, a Cambrige, MA-based provider of modern, flexible bike share services, secured $15M in growth capital.
The round, which increased total funding to $32.2M, was led by Edison Partners.
The company intends to use the funds to accelerate the nationwide rollout of its new dockless bike sharing service, Pace.
Led by Tim Ericson, CEO, Zagster operates a smart bike platform with more than 200 bike shares across 35 states. Launched in December 2017, Pace is live in Tallahassee, Fla., and Knoxville, Tenn., and coming to dozens of new cities in 2018. The company plans to launch the service to hundreds of cities and colleges across the country by the end of 2019, creating a national network reaching millions of riders across more than 35 states.
Zagster has also announced Pace’s all-new smart bike and parking platform — custom designed to support its “lock-to” bike sharing model while also providing cities and colleges with infrastructure to promote an overall bike-friendly culture.
The new release includes a smart bike with an integrated cable lock designed into the bike frame, enabling riders to lock Pace bikes to any fixed object, a bike share parking rack that accommodates both shared and personal bikes; and an app that makes it easy to find both shared bike parking and public parking in a single map.