Submitted by: Cue Ball Capital
Posted: Mar 03, 2009 – 01:10 PM EST
BOSTON, March 3 /PRNewswire/ -- PlanetTran, the pioneering "eco-livery" service company, announced today the completion of its first institutional round of financing from Cue Ball Capital, the Boston-based venture and early growth equity investment firm. Terms and level of funding were not disclosed. The Cambridge, MA based company, with car fleet operations throughout New England and the West Coast, will use proceeds for further expansion and continued development of its proprietary technology platform.
PlanetTran was founded in 2003 by Seth Riney whose vision was a smarter urban transportation solution that could influence senior executives, professionals, and opinion leaders who frequently use car services. With an estimated 50 million plus livery service rides each year, the bulk of these remain on traditional platforms such as Lincoln Town Cars. PlanetTran's fleet is comprised of hybrid vehicles only.
The company's value proposition takes the most important aspects of any "car-for-hire" service including reliability, safety and professionalism and combines that with a commitment to green transportation and advanced technologies, such as full in-car wireless service, proprietary dispatch systems, and on-line booking. The average cost of a PlanetTran ride is significantly less than traditional services.
"Cue Ball has a unique business building approach that fits squarely with PlanetTran's needs at this stage of growth. Over the past two years we’ve developed a strong relationship and are honored to have formalized this financing deal to help us achieve our mission of being the recognized leader for responsible transportation," said Riney.
"PlanetTran is one of those rare companies to have a strong purpose-driven mission combined with a strong business model. The ability to ride green for less money is compelling, especially when you consider the technology advancements and outstanding quality of service. As companies and individuals look to cut spending and reduce their carbon footprint, PlanetTran provides one of the most attractive options for responsible transportation," said Tony Tjan, CEO of Cue Ball.
Tony Tjan and John Hamel of Cue Ball will join PlanetTran’s founder and President Seth Riney, and Harvard Business School Professor Chris Malloy on the Board of Directors.
PlanetTran (www.planettran.com) is the nation's first transportation service based exclusively on hybrid vehicles. PlanetTran currently services New England and the San Francisco Bay Area, providing both individuals and organizations with scheduled hybrid car service. Clients may make reservations online or call 1888 PLNT TRN.
About Cue Ball Capital:
Cue Ball Capital (www.cueball.com) is a private investment partnership with a hybrid venture and growth equity focus on consumer and media businesses. The capabilities of the core investment team are amplified through collaboration with The Cue Ball Collective – a brain trust of experienced executives, industry thought leaders, and entrepreneurs. Cue Ball Capital typically backs companies with $2 to $20M in annual revenue and positive earnings and considers investments outside of this scope on an opportunistic basis.
For more information, please contact: