eCommerce - Wednesday, September 26, 2007
Auto's Zag.com Raises $20M
Santa Monica-based Zag.com has raised $13.5M in a round led by Capricorn Investment Group. It has been thirsty for capital having raised $46M in equity funding plus $21M in debt since April 2005 launch.
Zag's premise is to allow consumers to buy new cars at the lowest possible price. The company partners with dealers nationwide who agree to list their best possible prices. Zag wants to allow consumers to complete more of the auto-buying transaction online: selection, pricing, searching inventory and accessorizing, financing and insurance.
Zag is also available on a private label basis to affinity and membership organizations. The company is led by Scott Painter who is founder and former CEO of CarsDirect.com and founder and chairman of Build-To-Order.
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