Sidecar Technologies files for first close after raising 88%

XDATA – September 15th 2014

sidecar Sidecar Technologies‘ first close reached $15.87 million. The company’s $18 million non-brokered equity issue was 88% sold to eleven investors. The first commitments were received on August 29th. Based on the offering’s structure, the company has until August 2015 to raise an extra $2.13 million. Two previous unregistered financing rounds raised an estimated $11.6 million.

Sidecar Technologies markets and develops a smartphone application that matches people for shared rides for every occasion and price point. The company is backed by Avalon Ventures, Union Square Ventures, Lightspeed Venture Partners, Google Ventures and Sir Richard Branson.

The company, headquartered in San Francisco CA, is led by Sunil Paul (President). Sidecar Technologies elected to keep its revenues undisclosed.
The executive team includes Jahan Khanna.
The board of directors includes Fred Wilson, Justin Caldbeck and Robert Goldberg.

The company has raised an estimated total of $27.48 million via private unregistered security offerings.

Offering recap
Status: First close
Company: Sidecar Technologies
Industry: Other Technology
Amount offered: $18 million
Amount placed: $15.87 million
First sale: 08-29-2014
Data as of: 09-15-2014

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