« Experteer Brings In Wellington and BV Capital | Main | Novintel and C-squared Raise VC Funding »
March 27, 2007
Streetcar - London's Pay As You Go Car Rental Business Raised £6.4M And Plans IPO By Year End
Streetcar which was founded in 2004 has raised £6.4M to help fund its expansion before a possible flotation, reports The Times. The company claims has more than 10,000 members and says it will use the financing from Smedvig Capital to increase the size of its fleet of its cars and to continue its growth outside London.
Streetcar has a number of comparable startups in other countries like Zipcar in the US that have been funded and that are growing in urban areas. Car clubs such as Streetcar are becoming increasingly popular in large cities because they help to cut the expense of owning a car. Members pay an upfront fee and can then book a rental car that sit in parking lots throughout a city. Prices start from £4.95 an hour.
The company's founders financed the start-up costs with their own savings and a £100,000 bank loan. They were refused credit by 70 banks and angels but stuck to it.
Read - FEATURE: Streetcar it might just work (Real Business)
Read - Streetcar names desire for £6m expansion plan
(The Times)
Posted on March 27, 2007 07:08 AM | Posted to IPO | Permalink
Trackback Pings
TrackBack URL for this entry:
http://www.thealarmclock.com/mt/mt-tb.cgi/3881
