Total amount raised
$219.3 Million
Latest funding date
4/1/2011
Location
Zipcar has successfully raised funding over seven rounds, with the latest being its April 2011 IPO on Nasdaq, which raised USD 111,600,005.58 for the company before expenses. The company has also made strategic investments and acquisitions, including the notable exit of Wheelz.
What Is Zipcar?
Zipcar is a car-sharing subsidiary of Avis Budget Group, which closed the Boston headquarters and moved corporate operations to New Jersey. The company operates in over 500 cities across North America, providing a convenient and cost-effective alternative to car ownership, and ended its UK operations in December 2025.
Founded with the mission to offer hourly and daily car rentals, Zipcar includes benefits such as gas, maintenance, designated parking, and insurance options. The company has an employee count ranging from 501 to 1000, reflecting its substantial presence in the transportation sector.
How Much Funding Has Zipcar Raised?
- Series B
- Amount Raised: USD 4,704,370
- Date: December 2002
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand its fleet and enhance its technology platform.
- Series C
- Amount Raised: USD 2,000,000
- Date: November 2003
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support market expansion and operational scaling.
- Series D
- Amount Raised: USD 10,000,000
- Date: January 2005
- Lead Investors: Benchmark
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and increase market penetration.
- Series E
- Amount Raised: USD 25,000,000
- Date: November 2006
- Lead Investors: Greylock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new cities and enhance service offerings.
- Series F
- Amount Raised: USD 45,000,000
- Date: November 2007
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To prepare for an IPO and strengthen financial stability.
- Series G
- Amount Raised: USD 21,000,000
- Date: December 2010
- Lead Investors: Meritech Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen its balance sheet and continue its geographic expansion.
- IPO
- Amount Raised: USD 111,600,005.58 (proceeds to the company before expenses)
- Date: April 2011
- Lead Investors: Not applicable (initial public offering)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Zipcar stated it intended to use the net proceeds for repayment of certain debt, business expansion, working capital and other general corporate purposes.
Total Amount Raised: USD 219,304,376. Current Valuation: Not publicly disclosed. The April 2011 IPO figure is Zipcar's own proceeds before expenses; shares sold by selling stockholders are excluded.
Key Investors
- Meritech Capital Partners
- Details: Meritech Capital Partners is a venture capital firm that invests in late-stage technology companies. They participated in Zipcar's Series G funding round.
- Investment Focus Areas: Technology companies, software, SaaS, internet.
- Notable Investments: Facebook, Salesforce, Tableau.
- Greylock
- Details: Greylock is a venture capital firm that focuses on consumer and enterprise software. They were involved in Zipcar's Series E funding round.
- Investment Focus Areas: Consumer software, enterprise software, social media, e-commerce, cloud computing.
- Notable Investments: LinkedIn, Airbnb, Dropbox.
- Benchmark
- Details: Benchmark is an early-stage venture capital firm that focuses on technology-driven companies. They led Zipcar's Series D funding round.
- Investment Focus Areas: Early-stage venture capital, technology-driven companies.
- Notable Investments: Uber, Twitter, eBay.
What's Next for Zipcar?
Zipcar completed its IPO on Nasdaq in April 2011 at $18.00 per share, raising $111,600,005.58 for the company before expenses out of a total offering of about $174 million.
Avis Budget Group completed its acquisition of Zipcar in March 2013 at $12.25 per share in cash, a transaction valued at about $500 million. However, Zipcar faces competition from other car-sharing services and traditional car rental companies.
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