Kyte, an on-demand car rental service that delivers vehicles to drivers, has announced $60M in Series B growth equity financing.
The round is led by InterAlpen Partners, whose founder Stephen George (an early investor in Tesla and SpaceX) is joining Kyte’s board. Other new investors include Valor Equity Partners, Anthemis, Citi Ventures, and Hearst Ventures, with participation from existing investors DN Capital, 1984 Ventures, FJ Labs, and Urban Innovation Fund.
This round brings Kyte’s total funding to approximately $300M across equity and debt, according to the company.
Following a $30M Series A in 2021, and in 2022 an asset-backed debt investment of $200M with Goldman Sachs and Ares, this round allows Kyte to execute its mission further to “unlock the freedom to go places.”
The company will now triple its current fleet and expand in new and existing markets globally, while creating new offerings for those looking for alternatives to car ownership.
“At Kyte, we envision a world where people can go anywhere, whenever they want, at the click of a button,” said Co-Founders Nikolaus Volk and Ludwig Schoenack. “Since inception in 2019, we have transformed that concept into a reality and have measurably changed how tens of thousands of people travel each month. This fundraise will allow us to build out our operational platform and best-in-class consumer experience. We’re committed to becoming a leader in the transportation space – on-demand car delivery is just the beginning of Kyte’s journey. This financing will better position us to accomplish our long-term goal of becoming the largest operator of shared, electrified, and autonomous fleets.”
Kyte has plans to expand into new product categories and add new vehicle classes, including growing their electric vehicle fleet and supporting the goal of teleoperated and fully autonomous trip options.
“The team at InterAlpen Partners is looking forward to supporting Kyte’s next phase of growth and joining efforts to make a much-needed industry shift within the auto-mobility market,” said Stephen George, founder of InterAlpen Partners, who led the expansion financing. “I am thrilled to join the company’s board and am confident the team at InterAlpen Partners will not only complement Kyte’s Management and Steve Schlenker from DN Capital but will help the team expand into additional growth and product vectors.
“Together we can work towards the overarching goal to operate the largest electric vehicle fleet on the planet and make sustainable mobility more accessible for all,” said George. “As the need for a zero-emission based future steadily heightens, it will be critical to engineer a platform and a path forward that will accelerate adoption and accessibility. I believe Kyte’s innovative approach and product platform is the solution.”
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