Zagster Closes $10 Million Series B Round of Funding Led by Edison Partners

Zagster expands board of directors with veteran tech execs & investors Jonathan Seelig and Chris Randles, and Edison Partners General Partner Tom Vander Schaff; Funds will be used to fuel continued growth and technology development

CAMBRIDGE, MA–(Marketwired – Jan 5, 2017) – Zagster, Inc., the leading provider of private and public-private bike sharing systems, today announced it has raised $10 million in a Series B round of funding led by Edison Partners, a leading growth equity capital firm. In addition, Zagster expanded its board of directors by appointing: Tom Vander Schaaff, general partner at Edison Partners; Jonathan Seelig, co-founder of Akamai Technologies, former chairman of the board of Zipcar and former managing director of Globespan Capital Partners; and Chris Randles, former CEO of SpaceClaim Corp as well as MathSoft and a current venture partner at Borealis Ventures.

“With 300 percent growth in riders and programs over the past year, we’ve proven that our ‘Bike Share as a Service’ model is scalable, financially sustainable and ideally suited to meet the needs of customers across multiple markets in North America,” said Timothy Ericson, co-founder and CEO of Zagster. “This growth capital along with the expansion of our board sets the table for Zagster to enhance our product roadmap, expand our staff, and grow the organization to reach our goal of becoming the national standard in bikeshare.”

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