The corporate venturing unit of Google, Google Ventures, and early-stage venture capital firm Lightspeed Venture Partners, has led the $10m Series A round of US-based Ride-sharing start-up SideCar.
SideCar connects those urgently in need of a ride, through a mobile app, to drivers who have previously signed up to the service. The app shows the nearest available spare seat as an alternative to other modes of transport. Google Ventures previously backed lift-sharing application Relay Rides.
SideCar will use the new funds to build out its technology as well as expanding into wider markets (they currently only operate in San Francisco) later this year. Founded in 2011, SideCar now claims to have had “hundreds” of drivers and “thousands” of passengers and has reached 50,000 rides.
Google Ventures aim to invest around $100m a year with investment sizes ranging from seed to late-stage investments, depending on the stage of the opportunity and the company’s need for capital. Lightspeed focuses on investments in enterprise infrastructure, internet media and commerce, mobile, digital media and cleantech.