Zipcar leads $13.7M investment in Wheelz car sharing service
College town car sharing service Wheelz Inc. in Palo Alto raised $13.7 million in its first round of venture funding.
Cambridge, Mass.-based Zipcar Inc. (NASDAQ: ZIP) led the round and put its CEO and chairman, Scott Griffith, on the board of directors at Wheelz. Fontinalis Partners of Detroit also gave money and put Mark Schulz, a former Ford Motor Co. (NYSE: F) executive, on the board.
Wheelz, led by CEO Jeff Miller, who started the company, aims to bring car sharing to college towns. Read more about the company here.
Zipcar doesn’t have a majority stake in Wheelz. It will count its share of Wheelz’s expected net loss as about $1 million for 2012.
Zipcar has about 8,900 vehicles and 673,000 members around the United States, Canada and the United Kingdom.
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