Sidecar raises $15 million from investors including Richard Branson

Reuters News
Posted: Sep 15, 2014 3:07 PM

(Reuters) - Sidecar, a ride-sharing startup which competes with on-demand car services such as Uber and Lyft, said it raised $15 million from existing and new investors, including Virgin Group founder Richard Branson.

Existing investors Avalon Ventures and Union Square Ventures also participated in the funding round, the company wrote in a blog post.

Sidecar, which uses a smartphone-based app to match riders with drivers, plans to expand in the United States to match the reach of its rivals.

(Reporting By Sai Sachin R; Editing by Joyjeet Das)