Zipcar, a car-sharing rental company based in 21 cities in seven states, has secured $10M in funding in a round led by Benchmark Capital.
With the funding, Zipcar plans to immediately expand its service to additional major US metropolitan markets. As part of this expansion, Zipcar will launch West Coast operations, with plans to bring its service to Seattle, San Francisco and Portland, Oregon. The schedule for these rollouts will be announced on August 1, 2005.
Over the past year Zipcar has realized a 100%+ increase in members and vehicles and has become the first car-sharing service in North America to attain profitability in all of its markets. Zipcar has the largest active membership base of any car-sharing service, with 40,000 members signed since inception and more than 2,000 new members joining Zipcar’s service each month throughout metro New York, Boston and Washington, DC.
Zipcar’s rental fleet offers more than 20 different makes and models including the Volkswagen Jetta, Mazda 3, Toyota Prius, Volvo S40, MINI Cooper, BMW 325i, Scion xB, Ford Escape and Toyota Tacoma pickup truck.
Bob Kagle, a General Partner at Benchmark Capital, will join the Zipcar Board of Directors, effective immediately.
Zipcar members can reserve Zipcars online or by phone, 24 X 7. Zipcar members have automated access to Zipcars using a “Zipcard” to simply unlock the door and drive away. Rates start at $8.50 per hour and $59 per day, with gas, parking, insurance and XM Satellite Radio service included. Special business rates are also available for small to large-sized companies looking for a more convenient and cost-effective way of providing transportation for their employees.