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.