NEW YORK CITY – LimoRes.net announced that it has raised $20 million in new investment funding to accelerate its global growth initiatives and expand technology platforms.
Operating in 172 countries and at more than 5,000 airports, LimoRes.net offers 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, as well as Q-Wireless, a partner in the $200 million MTA project to enable cell phone use in the New York City subways.
"The increased investment in LimoRes.net represents a vote of confidence not only in our proprietary technology and future growth prospects, but in the need to integrate ground transportation as an integral part of travel for corporate and leisure customers around the world," said Mashinsky, managing partner of Governing Dynamics LLC, the New York-based investment fund that led the last two rounds of investment in LimoRes.net.