Peer-to-Peer Carsharing Network RelayRides Raises $10 Million in First Round
Posted in Uncategorized on August 18th, 2011 by News Desk –
Cambridge, Mass. — RelayRides.com, a “neighbor-to-neighbor” carsharing service, has raised $10 million in its first round of venture capital from a group that includes Shasta Ventures, Google Ventures, August Capital, and Lisa Gansky, author of “The Mesh.”
RelayRides connects car owners with those in need of an auto and backs its service with a $1 million insurance policy. Auto loaners make an average of $250 per month per vehicle, while borrowers pay a rate starting as low as $5 per hour.
Founded in 2008 in Cambridge, RelayRides recently expanded in San Francisco.
“Unlike other carsharing operations, RelayRides takes the eco-friendly route by leveraging existing, often idle autos rather than putting fleets of new cars on the road,” according to the company.
“RelayRides is a proven sharing-economy role model,” said Rob Coneybeer, managing director or Shasta Ventures, in an announcement. “And unlike other carsharing companies, it’s the most secure service out there because it allows owners to disengage their car remotely if their car should become compromised – a critical security feature for this kind of service.”
Gansky, who participated in the first round of venture capital, was the co-founder and CEO of GNN, the first commercial website acquired by AOL.
