Peer-to-peer car rental marketplace RelayRides has secured $25m in its Series B round, which more than doubled its fundraising total.
The latest funding round was led by Canaan Partners and supported by the company’s existing backers August Capital, Google Ventures and Shasta Ventures.
RelayRides, which has raised $44m since its launch in March 2012, will use the funds to expand into new geographies and services.
Over the past two years, the company has seen its bookings increase 14 times.
Since launching airports a year ago, RelayRides’ airport business has achieved a 34 per cent monthly growth rate and the company has expanded its coverage to more than 300 airports in the US.
Canaan general partner Deepak Kamra said, “With an installed base of more than 1bn cars around the world, most of them remaining idle the vast majority of the time, we believe RelayRides is pursuing an enormous opportunity.
“We believe RelayRides has nailed the model for peer-to-peer car sharing and is uniquely positioned to have a huge impact on transportation.”
Canaan’s other recent deals include an investment in Chrono Therapeutics, which offers behavioural support for smokers looking to break the habit.
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