Silvercar Receives Largest Capital Raise to Date

Silvercar's CEO Luke Schneider. Photo courtesy of Silvercar.
Silvercar's CEO Luke Schneider. Photo courtesy of Silvercar.
Silvercar has announced its largest capital raise to date with a $28 million Series C equity issuance led by Audi.

The Series C announcement comes as Silvercar unveils its enhanced digital and mobile platforms and expands into Las Vegas, its 12th market, according to the company. Silvercar also received funding from Series B investors including Austin Ventures and Eduardo Saverin, co-founder of Facebook.

The funding will enable Silvercar to accelerate its airport car rental business and expand to new markets nationwide, according to the company.

Additionally, as part of the next phase of Silvercar's partnership with Audi, the companies will work together to develop Audi Shared Fleet, a solution for businesses looking to provide transportation to their employees on corporate campuses.

"Audi's confidence in Silvercar allows us to extend our reach even further, and bring forth the concept of shared mobility into many more markets, applications and product offerings," said Luke Schneider, Silvercar’s CEO. "It is our goal to accelerate the expansion of our successful airport business in order to integrate these new mobility products into the market as soon as possible."

Scott Keogh, Audi North America president, will be joining Silvercar's Board of Directors. Keogh will join Ken DeAngelis of Austin Ventures, Samrat Ganguly of Velos Partners, Blair LaCorte, formerly of Texas Pacific Group, and Schneider on the board.

"Silvercar represents not just the future of the car rental industry, but a vision for the future of mobility," said Keogh. "We want to utilize the company's strengths in technology and innovation to merge connectivity and mobility for today's consumer."

Currently, Silvercar operates its fleet of silver Audi A4s in Austin, San Francisco, Los Angeles, Dallas, Miami, Phoenix, Fort Lauderdale, Chicago, Denver, New York City and Las Vegas.

For more information, visit www.silvercar.com.

Comments

  1. salah [ March 31, 2016 @ 06:28PM ]

    HOW mach the price

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Safety Tech: Crash Avoidance or Sensory Overload?

As advanced safety technologies become even more pervasive on mainstream vehicles, are we creating “stupid drivers?"

Own the Fleet, Own the Future

In the dialogue surrounding new transportation paradigms, fleets have been off the public radar until recently. Here’s what’s going on, and a way for you to participate in the conversation.

Car Rental Rates Up, Fleet Sales Down — Correlation?

Car rental companies’ recent fleet discipline is needed now more than ever.

Job Finder: Access Top Talent. Fill Key Positions.

>