Kyte, an on-demand car rental startup based in San Francisco, has acquired $60M in Series B growth equity funding. InterAlpen Partners, a US-based company whose founder Stephen George joined Kyte’s board and was an early investor in Tesla and SpaceX, led the financing.
In addition to the previous investors DN Capital, 1984 Ventures, FJ Labs, and Urban Innovation Fund, new investors Valor Equity Partners, Anthemis (which supported Stok, Rentle, and YuLife), Citi Ventures, and Hearst Ventures also participated in the round.
The Series B round comes after the company raised a substantial $200 million asset-backed loan investment with Goldman Sachs and Ares early this year, as well as a $30 million Series A round in 2021. With this round, Kyte has received over $300 million in fundraising overall across equity and debt.
On-demand car rental platform, Kyte will use the funding to carry out its aim to further enable the freedom to travel. The business will triple its current fleet size, grow in existing and new markets throughout the world, and develop new services for people looking for alternatives to owning a car.
Additionally, Kyte intends to diversify into other product categories and introduce additional vehicle classes, including rapidly expanding its fleet of electric vehicles.
On-demand automobile delivery is just the start of Kyte’s adventure, according to co-founders Nikolaus Volk and Ludwig Schoenack. “We’re determined to become a leader in the mobility area,” they stated. We will be in a stronger position to achieve our long-term objective of being the biggest operator of shared, electric, and autonomous fleets thanks to this financing.
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The InterAlpen Partners team is eager to assist Kyte in its next stage of development and work with Kyte to bring about a much-needed industry transformation in the auto-mobility market. Stephen George, the founder of InterAlpen Partners, who oversaw the expansion financing, said: “I am delighted 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 also help the team expand into additional growth and product vectors.
Kyte, which has its headquarters in San Francisco, was established in 2019 by Nikolaus Volk, Ludwig Schoenack, and Francesco Wiedemann. The company’s strategy saves clients time and money while maximizing vehicle utilization and removing vehicles from the road for a more sustainable future.
Customers can reserve a car through the Kyte mobile app on iOS, Android, or the company’s website for a single day, several days, weeks, months, or whatever long they like. Customers can pick a time and place for the delivery of their automobiles.
A clean and sanitized car will be delivered at the time requested by a delivery driver Kyte will send out called Kyte Surfer. When the car is prepared for return, a Kyte Surfer picks it up from the client at the flexible time and location of their choosing.
It currently employs 100 people and has offices in Munich, Germany, as well as satellite locations all over the world.
