Zag Raises $13.5 Million
9/27/07 – Santa Monica-based Zag, an online auto sales company, has raised $13.5 million in funding, led by Capricorn Investment Group. The company says that since launching in 2005, it has now raised over $46 million in equity capital and additional acquisition debt of $21 million, for a combined total of $67 million.
The company works with brands and affinity groups, and private labels its Internet research and shopping technology that includes an exclusive nationwide network of auto dealers. Zag says it currently serves 60 million members, primarily though deals with Capital One, USAA and thirteen AAA clubs across the U.S.
Zag was founded by Scott Painter, founder and former CEO of CarsDirect.com. Other investors include Global Research Partners, Capital One and Anthem Ventures.
Zag – www.zag.com
