Funding will accelerate product development, grow fleet, and aid in market expansion, furthering company mission to "unlock the freedom to go places"
SAN FRANCISCO, Nov. 10, 2022 /PRNewswire/ -- Kyte (https://kyte.com), the company pioneering cars delivered to you on-demand for daily, weekly or monthly use, today 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 significant participation from existing investors DN Capital plus 1984 Ventures, FJ Labs, and Urban Innovation Fund. This round brings Kyte's total funding to approximately $300M across equity and debt.
Following a $30M Series A in 2021, and in 2022 a significant 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. 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," said co-founders Nikolaus Volk and Ludwig Schoenack. "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 is redefining the limitations of the transportation industry, allowing consumers to bypass the inconveniences of car ownership, leasing, and traditional car rental; thanks to the efficient and consumer-centric model of on-demand car delivery. With more than 5x growth since its Series A in 2021, Kyte has plans to expand into new product categories and add new vehicle classes, including aggressively growing their electric vehicle fleet; supporting the long-term goal of teleoperated and fully autonomous trip options. With the addition of Board Member Stephen George comes direct history in the EV market, given his early investment in Tesla.
"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. 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", said Stephen George, founder of InterAlpen Partners, who led the expansion financing. "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. 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."
The Series B raise is amidst a uniquely difficult VC growth investment market but is a testament to Kyte's profitable unit economics and maturity. The company sets itself on an aggressive yet sustainable path of product and platform expansion as they make strides toward public markets. An emphasis on operational and engineering excellence, paired with relentless customer obsession, gives investors confidence in the company's ambitious trajectory and ability to create a new category. Similar to how rideshare companies created a much bigger market outside of taxi services, Kyte is using the existing rental car market as its wedge to create a much larger category that spans the entire transportation sector providing access to vehicles for all kinds of trips whether a day, week or month in length.
More information about Kyte can be found at kyte.com.
Kyte is reinventing the mobility market and is on a mission to "unlock the freedom to go places." Kyte delivers cars on demand to people's doors for all trips longer than a rideshare. The company's intentional approach increases vehicle utilization and takes cars off the road for a more sustainable future while saving customers time and money.
Through the Kyte mobile app on iOS, Android, or website, customers can book a car for a day, multiple days, multiple weeks, months, or however long they want. To begin, customers choose a time and location for their vehicle delivery. Then, the company dispatches a delivery driver — known as a "Kyte Surfer" — to deliver a clean, sanitized car at the time requested. When the vehicle is ready to be returned, a Kyte Surfer retrieves the car from the customer at the location and time they can flexibly choose.
Currently operational in more than 14 cities, Kyte was founded in 2019 by Nikolaus Volk, Ludwig Schoenack, and Francesco Wiedemann, is headquartered in San Francisco, CA, with offices in Munich, Germany, and satellites across the globe, and currently employs 100 people. For more information about Kyte, visit their website, and for career opportunities, please visit their career page.
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