Kyte, a San Francisco-based startup that connects car rental companies
and other fleet providers with customers, has raised $30 million in Series A
funding.
The round was led by Park West Asset Management and Sterling Road, with
participation from new and existing investors including the founders of Flixbus,
DN Capital, Amplo, 1984 Ventures, FundersClub, Moving Capital and others.
The company says it will use the funding to expand across the United
States and internationally – it currently operates in 10 cities across the U.S.
– and to continue developing capabilities to enable delivery of teleoperated
and autonomous vehicles in major metropolitan areas.
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Kyte
says its on-demand car delivery eliminates the inconveniences of traditional car
rental services, the inconsistencies of car-sharing marketplaces and the inflexibility
of traditional car leases.
“We
envision a world where people living in cities don’t own cars and streets
aren’t clogged with parked cars; space is used for a better purpose, and the
freedom of personal mobility is enabled by Kyte,” says Nikolaus Volk, co-founder
of Kyte.
“We’re
building the infrastructure for an autonomous future where cars travel from
fleet hubs to the people who need them, when and where they’re requested.”
Using Kyte’s app or website, customers can book a car for delivery in as
fast as two hours and to use as long as they want. Kyte dispatches a driver –
known as a “Kyte Surfer” – to deliver the car to the customer’s location. At
the end of the rental, the customer can return the car to any address in the
company’s service area.
“Kyte is
a magical experience compared to traditional car rentals; my family relies on
it and that's what first made me so excited about this investment,” says Ash
Rust, managing partner of Sterling Road.
“The Kyte team has
a wealth of experience, which has been reflected in their incredible revenue
growth over the last few years. We're excited to support them now and long into
the future.”
Founded
by alumni from Uber, McKinsey & Company and BMW, the company has now raised more than $40
million since its launch in 2019.