Zipcar picks up GE cash

Zipcar, a car-sharing service in such cities as San Francisco, New York and Toronto, has raised $20 million from GE Commercial Financing Fleet Services, the company said this week. Cambridge, Mass.-based ZipCar said it will use the money to double its fleet of 1,500 cars within the next year and expand into other urban and international markets. Founded in 2000 and profitable, the business relies on the use of wireless technology to let members--as many as 55,000--reserve a car locally, use their "zipcard" to unlock its door, and drive away.

 

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