Zagster, a Cambridge, Mass.-based provider of private and public-private bike sharing systems, raised $3.5m in Series A round of funding.
Backers included existing investors LaunchCapital; Fontinalis Partners (a strategic investment firm co-founded by Bill Ford); Clean Energy Venture Group; LaunchPad Venture Group; and several Boston-area angel investors, as well as a new investor, Otter Consulting.
The company intends to use the funds to expand the national presence of bike sharing programs.
Founded in Philadelphia in 2007 as CityRyde by Timothy Ericson, CEO, Zagster is a provider of private and public-private bike sharing systems. It is focused on contracting with property managers, hotels, businesses, universities and smaller cities across North America to make bike sharing programs available to tenants, employees, guests, students and residents.
It is now present in 28 states with customers including employers (including General Motors, Samsung, Workday, Quicken Loans and others); real estate developers (including Kayne Anderson, Related Management and Irvine Company); universities (including The Ohio State University, Duke University, Yale University and Princeton University); and hotel brands like Hyatt and The Four Seasons.
Zagster also partners with cities like Cleveland and Canton (Ohio), Albuquerque (New Mexico), Carmel (Indiana) and Montgomery County (Pennsylvania).