Car-Sharing Startup RelayRides Raises $25 Million In Funding Led By Canaan Partners

TechCrunch

Over the past year, peer-to-peer car rental startup RelayRides has been growing its average rental times and revenues by focusing specifically on daily and multi-day rentals. On the strength of its results, the company has raised an additional $25 million in Series B funding led by Canaan Partners.

The new funding brings the total amount raised to $44 million, with previous investors that include August Capital, Google Ventures, and Shasta Ventures. Along with the Series B round, Canaan Partners General Partner Deepak Kamra will join the company’s board of directors.

The funding comes as RelayRides has been changing up its business to focus on longer-term rentals, rather than hourly or daily rate. Over the first few years of its existence, RelayRides tried to compete with Zipcar and Getaround, both of which were focused on providing on-demand access to rentals. That includes a partnership with GM and OnStar to enable users…

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