RelayRides Acquires SocialStudio to Help Keep Pace with Rapid Growth

SAN FRANCISCO, Sept. 3, 2015 /PRNewswire/ -- The world's largest peer-to-peer car sharing marketplace, RelayRides, announced today that it has acquired Trinity Ventures and Google Ventures-backed SocialStudio—developers of JumpCam and FADE—to help the company keep pace with skyrocketing growth. As part of the acquisition, 12 total team members will have joined the RelayRides team, including seven engineers.

"The acquisition of SocialStudio brings a welcome infusion of new talent to RelayRides during an exciting period of growth," said Andre Haddad, CEO of RelayRides. "The SocialStudio team is already making major contributions enhancing our user experience. While the SocialStudio team helps address some immediate needs, we continue to look for additional high-quality talent to join us in turbo-charging our rapidly growing marketplace."

SocialStudio joins RelayRides to help accelerate customer acquisition and drive critical areas of the business, including introducing dynamic pricing recommendations for car owners and expanding into new geographies and services. As part of the acquisition, SocialStudio CEO, David Stewart joins RelayRides as Vice President of Business Development where he oversees strategic partnerships that further improve customer experience and member acquisition.

"We are thrilled about joining forces with a market leader that is innovating transportation, travel and the nature of car ownership," said David Stewart, SocialStudio CEO. "I'm proud of what the SocialStudio team has been able to accomplish and look forward to helping RelayRides innovate in the $57 billion global car rental industry."

Since RelayRides' nationwide launch in March 2012, the company has grown rental bookings 35x. RelayRides has also achieved rapidly accelerating revenues and has seen the monthly earnings of active owners increase to over $500 in recent months. RelayRides' commitment to excellence in all areas including customer support has earned it an industry-leading Net Promoter Score (NPS). To keep pace with the company's rapid growth, RelayRides has increased its headcount from 45 employees in January 2015 to over 100 in August of 2015, with more hires anticipated in the near future.

About RelayRides

RelayRides is the world's largest peer-to-peer car sharing marketplace. Our community rents vehicles in over 2,500 cities. RelayRides efficiently connects people who need a car with owners whose vehicles would otherwise go unused. RelayRides has raised $53 million in venture capital funding from investors including Canaan Partners, Google Ventures, August Capital, Shasta Ventures and Trinity Ventures. For more information, visit www.RelayRides.com

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SOURCE RelayRides