A corporate venturing unit of US-based search engine Google has helped US-based car sharing company RelayRides raise $10m.
Google Ventures was joined by venture capital firms August Capital and Shasta Ventures as well as Lisa Gansky, a writer and entrepreneur, in the series A extension round for RelayRides. The fundraising follows Google and August first backing the portfolio company in December.
RelayRides allows customers to lend their cars to neighbors and car lenders typically make $250 per month per vehicle, according to the company. Customers are offered a $1m insurance policy and the company plans to use the latest fundraising to expand across Boston and San Francisco where it operates.