Bikeshare company Zagster, once Philly's CityRyde, raises $10 million led by Edison Partners

Tom Paine

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Zagster, the bike sharing company that started in Philadelphia as CityRyde, moved to Boston and more than survived.

Today it announced a $10 million Series B led by Edison Partners.

Zagster operates more than 140 fully hosted bike-sharing programs in 30 states across the U.S. and Canada, and says it experienced 300 percent growth in riders and programs over the past year. Zagster has locations in Philadelphia, West Chester and Princeton.

In 2013, Peter Key profiled in the Philadelphia Business Journal how CityRyde started out at Drexel's Baiada Center for Entrepreneurship in 2007, moving to Boston to join that city's Techstars program.

Co-founder Jason Meinzer left Zagster in 2014 and is now associate product manager for Beachbody in California, according to his LinkedIn profile. The other co-founder, Timothy Ericson, is Zagster's CEO.

It strikes me as an unusual investment for Princeton-based Edison, but perhaps it sees Zagster more as a SaaS play than an operations company.