With Clean Transportation All the Rage, Segway is Reportedly on the Road to Raising $14 Million Series D Round

8/15/08Follow @bbuderi

On the heels of closing the final tranche of a $35 million financing round that ranked as the fifth-largest New England venture deal of the second quarter, Segway is reportedly back on the financing circuit looking for $14 million more for a Series D round, according to PE Hub, which cites a regulatory filing.

The report says the Bedford, NH-based company has raised $5 million toward the new round, and that the Masdar Clean Tech Fund was part of it. We haven’t yet gotten anyone at Segway to confirm the new round, but note that gas prices are soaring, and the buzz around more environmentally friendly transportation is high—so the climate might be right for the lithium-ion-battery-powered Segway (which costs around $6,000). All told the company makes seven models, tailored to different uses such as golf, off-road adventuring, commuting, and even cargo carrying.

Segway has previously raised a total of $171 million from such firms as Masdar, Kleiner Perkins Caufield & Byers, Credit Suisse First Boston Private Equity, and DAG Ventures, according to PE Hub.

Bob is Xconomy's founder and editor in chief. You can e-mail him at bbuderi@xconomy.com, call him at 617.500.5926. Follow @bbuderi

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