From the Boston Globe Business Team
Zipcar gets $20 million in funding to expand fleet
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May 23, 2006 10:29 AM
Zipcar, the Cambridge car-sharing company, said that GE Commercial Finance Fleet Services. has approved $20 million in lease line financing for its growth plans. "GE's support will fuel our rapid expansion," said Scott Griffith, Zipcar's chief executive, in a statement.
The lease line will help Zipcar to rapidly double its fleet size while expanding in new and existing markets, including Boston, Zipcar said. With more than 55,000 consumer and business drivers, Zipcar operates 1,500 vehicles in such markets as New York City, San Francisco, and Washington, D.C.
Earlier this month, Zipcar introduced its service to Toronto, the firm's first venture outside the United States.
(By Chris Reidy, Globe Staff)
