NEW YORK — LimoRes.net, an online ground transportation provider, recently raised $20 million in new investment funding to accelerate its global growth initiatives and expand technology platforms.
Relying on proprietary software and teams of elite programmers, LimoRes.net has created an efficient electronic reservations market. Matching the supply of available vehicles with ridership demand, LimoRes. net provides real time, competitive pricing for fares online, in all major cities worldwide.
Operating in 172 countries and at more than 5,000 airports, LimoRes.net guarantees five classes of service at competitive prices by auctioning each ride off to the lowest bidder among more than 7,000 affiliated limousine services. Revenue at the company grew from $100,000 in 2003 to $20 million in 2007, and is projected to reach $30 million in 2008.
LimoRes.net is the latest venture founded and headed by serial entrepreneur Alex Mashinsky, who founded Arbinet (ARBX), the telecom industry’s largest digital goods trading platform with revenues of more than $500 million, and QWireless, a partner in the $200 million MTA project to enable cell phone use in the New York City subways.