Segway steering towards $14M

Segway, maker of the two-wheeled personal transportation device, has raised $5 million toward a proposed $14 million Series D, according to a regulatory filing.

The new funding comes from a single, unidentified investor based in Michigan, documents show. Segway has now raised about $176 million in venture funding since 2000.

The Series D filing does not include a handful of the Series C investors, suggesting they are not participating. Previous investors not listed on the Series D include Blackboard Ventures (the VC arm of the Ontario Teachers’ Pension Plan), Deka Products Ltd. Partnership, Jameson Holdings and NCD Investors. Early investor DAG Ventures (f.k.a. Duff Ackerman & Goodrich) did not participate in either investment round.

Segway was close to closing a $40 million Series C in May, for which it added the Masdar Clean Tech Fund to its investor roster. Masdar runs a venture capital fund of funds that makes direct investments in startups and also takes an LP investment in venture funds focused on cleantech. Masdar represents investment dollars from such LPs as the Abu Dhabi Future Energy Co., Consensus Business Group, Credit Suisse and Siemens and has invested in energy-related VC funds such as Altria Technology Fund V and EnerTech Capital Partners III, according to its website.

Masdar is also listed on the Series D filing, along with KPCB Holdings (a.k.a. Kleiner Perkins Caufield & Byers) and Credit Suisse First Boston Equity Partners—backers listed on the company’s Series C filing.

The latest funding comes as Segway was recently chosen as part of China’s green transportation initiatives associated with the 2008 Summer Olympics. The company shipped 100 personal transportation devices to the country for use by Olympic officials, it says.