Zipcar Completes $21 Million Series G Financing

Capital Will be Used to Fund Fleet Growth and Business Expansion

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Dec 15, 2010, 09:00 ET

CAMBRIDGE, Mass., Dec. 15, 2010 /PRNewswire/ -- Zipcar Inc., the world's leading car-sharing service, announced today that it has completed a Series G financing, totaling $21 million. Meritech Capital Partners led the round with a $20 million investment. Pinnacle Ventures LLC contributed an additional $1 million.

Zipcar will use the proceeds to fund working capital needs and finance fleet growth. The company will also use the capital to strengthen its balance sheet and continue its geographic expansion.

About Zipcar
Zipcar is the world's leading car-sharing service with more than 500,000 members and 8,000 vehicles in urban areas and college campuses throughout the United States, Canada and the United Kingdom. Zipcar offers more than 30 makes and models of self-service vehicles by the hour or day to residents and businesses looking for an alternative to the high costs and hassles of owning a car. More information is available at www.zipcar.com.

Zipcar and the Zipcar logo are trademarks of Zipcar, Inc.

SOURCE Zipcar Inc.