US-based car sharing marketplace RelayRides has received further series A funding from General Motors (GM) Ventures, the corporate venturing unit belonging to automotive conglomerate General Motors, and RelayRides’ chief executive officer Andre Haddad. The additional investment brings RelayRides’ series A round to $13m.
The funding follows the $10m obtained from corporate venturing unit Google Ventures, and venture capital firms August Capital and Shasta Ventures in August. The capital will be used to fuel RelayRides’ growth across the US.
RelayRides, which provides a service enabling users to rent and loan cars to each other, signed an agreement with GM earlier this month enabling RelayRiders users to unlock reserved cars fitted with GM’s OnStar security system using their mobile phones. The partnership will launch officially in 2012.
Haddad said: "The RelayRides/GM partnership gives us an unprecedented opportunity to grow the RelayRides marketplace, and this funding will help us realise a goal of introducing car sharing to a whole new group of drivers. Whether it’s by helping a car owner make a few bucks renting out their vehicle or by giving the budget-conscious motorist an affordable driving alternative, the partnership allows us to bring the benefits of the RelayRides community to millions of new users in the U.S."