Bike-Sharing Firm Zagster Zooms Ahead With $10M Led by Edison
Bicycle-sharing startup Zagster has the wind at its back, thanks to a $10 million investment announced Thursday.
Edison Partners led the Series B round of funding for Cambridge, MA-based Zagster. The company has now raised about $20 million total to date from investors, according to a spokesman. Zagster’s other backers include LaunchCapital, Fontinalis Partners, Clean Energy Venture Group, Launchpad Venture Group, Otter Consulting, and several Boston-area angel investors.
Zagster now operates more than 140 bike-sharing programs in more than 30 states in the U.S. and Canada, the company says. It runs private and public programs for municipalities, college campuses, corporate campuses, and residential properties. Also of note: the “Zipcar for bikes” teamed up with Zipcar itself last year; the companies formed “Zipbike,” a nationally sponsored bike-share program for colleges and universities.
Zagster will use the new cash to hire more people and invest in the business, according to an Edison press release.
The company also announced three new board members: Tom Vander Schaaff of Edison Partners; Jonathan Seelig, a co-founder of Akamai Technologies and the former chair of Zipcar’s board; and Borealis Ventures venture partner Chris Randles, the former CEO of SpaceClaim and MathSoft.