US-based online car rental service Getaround closed $3.4m in seed funding on Monday, becoming the first recipient of funding from CrunchFund, the corporate venturing fund backed by US-based media and internet services company AOL and managed by Michael Arrington, the ex-editor of technology-based business website TechCrunch.

Also taking part in the round were venture capital firm Redpoint Ventures and several angel investors including backers with strong links to media conglomerate Time Warner and online entertainment rental website Netflix.


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