Tuesday, June 15, 2010

Zag Raises $11.1M More

Santa Monica-based Zag, the online auto buying software firm headed by Scott Painter, has raised $11.1M in a new equity funding round, according to a regulatory filing by the firm Tuesday afternoon. Source and details on the funding have not yet been announced by the company. The filing indicates the first funding in the round came on June 2nd. Zag is developing auto buying and configuration software used by groups such as the AAA, USAA, Overstock.com, and other groups to provide their members with pre-negotiated fleet and group rates on new automobiles. The firm has previously raised funding from USAA, Capricorn Investment Group, LLC, GRP Partners and Anthem Venture Partners. Zag said in March that it had sold 100,000 cars, and has been profitable since August of 2009. More information »

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