US-based car sharing service RelayRides secured $25m in series B funding on Monday in a round led by venture firm Canaan Partners that also featured Google Ventures, internet company Google’s corporate venturing subsidiary.
Google was joined by two other existing investors, August Capital and Shasta Ventures, both of which previously invested alongside Google in the company’s $10m series A round in 2011.
RelayRides has now raised $44m in funding altogether, with past investors including GM Ventures, the corporate venture capital unit of General Motors.
Founded in California in 2008 and launched nationwide in March 2012, RelayRides acts as a peer-to-peer car sharing marketplace that allows car owners to lease their vehicles to others, while keeping charge of the car’s rental price and availability.
The company will use the funding to enhance its service while accelerating the acquisition of new customers in both existing and new geographic markets.