LimoRes.net Raises $20 Million in Funding to Boost Global Growth

NEW YORK. LimoRes.net, the revolutionary online ground transportation provider, announced today that it has raised $20 million in new investment funding to accelerate its global growth initiatives and expand technology platforms.

Relying on proprietary software and teams of elite programmers, LimoRes.net is the first company to create an efficient electronic reservations market. Matching the supply of available vehicles with ridership demand, LimoRes.net provides real time, competitive pricing for fares online, in all major cities worldwide.

Operating in 172 countries and at more than 5,000 airports, LimoRes.net guarantees five classes of service at competitive prices by auctioning each ride off to the lowest bidder among more than 7,000 affiliated limousine services. Revenue at the company grew from $100,000 in 2003 to $20 million in 2007 and is projected to reach $30 million in 2008.

LimoRes.net is the latest venture founded and headed by serial entrepreneur Alex Mashinsky, who founded Arbinet (ARBX), the telecom industry’s largest digital goods trading platform with revenues of more than $500 million, as well as Q-Wireless, a partner in the $200 million MTA project to enable cell phone use in the New York City subways.

“The increased investment in LimoRes.net represents a vote of confidence not only in our proprietary technology and future growth prospects, but in the need to integrate ground transportation as an integral part of travel for corporate and leisure customers around the world,” said Mashinsky, managing partner of Governing Dynamics LLC, the New York-based investment fund that led the last two rounds of investment in LimoRes.net.

There are more than 15,000 limousine providers around the world today, but less than 1% of them operate 24/7/365. LimoRes.net has made the investments necessary to provide a centralized, fast and predictable worldwide service online or over the phone for handling the quoting, booking and execution of transactions. LimoRes.net has rationalized a huge, fragmented market for ground transportation, slashed reservation costs and error rates, and created streams of transparent transaction data that corporations can use to track usage and control costs while providing reliable, efficient service to its executives.

“Markets have been established to price everything from carbon emissions to pork bellies,” Mashinsky said. “Ground transportation promises to be the next step in this expanding trend and LimoRes.net has put in the last, missing piece to achieve complete, end-to-end online travel reservations.”

Employing powerful algorithms, LimoRes.net exploits market inefficiencies and removes the friction from pricing as it bids jobs to providers affiliated with its network. Prices paid to suppliers adjust according to demand based on existing and anticipated conditions.

LimoRes.net’s computers know how to book and select capacity ahead of competing travel and web-booking engines, guaranteeing that the company’s customers will get priority treatment booking car and bus transportation. LimoRes.net’s global positioning technology also allows automated and scalable central monitoring before during and after transactions to ensure customer satisfaction. The company’s international reach enables clients to reserve multiple ground trips on foreign travel at competitive prices in a single visit to the LimoRes.net web site.

LimoRes.net, which makes money on the spread between what it pays car operators and what it charges riders, is growing increasingly popular among cost-conscious law firms, hedge funds and bankers who want to rely on a one-stop supplier with a fully automated system that cuts administration costs associated with monitoring and processing vouchers.

For further information, also please see www.limores.net and www.mashinsky.com.

About LimoRes.Net

LimoRes.Net is a ground transportation service operating in more than 172 countries and 5,000 airports worldwide. Its online limousine reservation system provides real-time prices and one bill for more than 14 different car service classes and in four different service levels. For more information, please visit www.limores.net.