Monday, March 09, 2009

Good News for Green Livery Service

I met Seth Riney, the founder of PlanetTran back in 2003 when I was more involved with the RBABoston. I believe PlanetTran was just getting started and I was excited to learn of what he was doing. I appreciated Seth's energy and his "just do it" attitude when it came to starting a business seeking to change what is a fairly stodgy and conservative business. It was great to receive this announcement about their recent funding success:
On New Year's Day, 2003, while reading a book about environmental entrepreneurship, I wondered why hired vehicles were based on traditional platforms such as the Lincoln Town Car. Livery fleets are the largest class of public vehicles on city streets, yet they are comprised mostly of large, inefficient gas-guzzlers.

At that time I saw an opportunity to create an urban transportation system that utilizes the most efficient transportation technology available. Thanks to your support and patronage, we have turned that vision into a reality and have established a stronghold as the nation’s first livery service to operate exclusively with hybrid vehicles. Since 2003, we have grown our fleet from one Prius in Boston to over 50 vehicles covering much of New England and the San Francisco Bay area.

Over the past two years, I have carefully evaluated a number of potential outside investment partnerships that would allow us to continue growing from a two-market small business into a real enterprise. The goal is to improve our services with cutting-edge technology, expand our geographic reach, and continue delivering a valuable service in an environmentally responsible fashion.

To that end, I am pleased to announce that we have closed an institutional round of financing from Cue Ball Capital, a Boston-based private investment firm. Our new partners provide a special blend of finance, operations, and marketing experience, as well as capital, all of which are crucial for PlanetTran to take it to the next level. I will continue at the helm of PlanetTran as President and CEO, and am delighted to work with Cue Ball’s team of professionals to refine our offering, deliver outstanding service, and charge on with my mission to provide more environmentally responsible transportation options to individuals and corporations.

You’ll see a lot more of us this year as we grow, and as always, I welcome your feedback and look forward to continuing to serve you.
All the best Seth!

1 comment:

Unknown said...

Sounds good. Thanks for the info.