Kyte raises $60 million to expand car rental offerings


Launch of on-demand car rental Kyte raised $60 million in Series B growth equity funding, which it will use to accelerate product development, add to its vehicle fleet and expand its market.

This round brings the company total funding at $300 million in equity and debt, according to a Thursday (November 10) Press release. It follows a $30 million Series A in 2021 and a $200 million investment in asset-backed debt earlier this year.

“This fundraising will allow us to develop our operational platform and the best customer experience in its category”, co-founders Nikolaus Volk and Ludwig Schoenack said in the press release. “We are committed to becoming a leader in transportation – on-demand car delivery is just the start of Kyte’s journey.”

The company’s long-term goal is to become the largest operator of shared, electrified and autonomous fleets, Volk and Schoenack added. In the version

Today, Kyte offers on-demand delivery of cars that renters can then use for a day, a week, or a month. It operates in 14 cities, according to the release.

With this new investment, Kyte will triple the size of its fleet, add new vehicle categories, expand into new and existing markets around the world, and create new service offerings that provide alternatives to owning a car. , according to the press release.

“At Kyte, we envision a world where people can go anywhere, anytime, with the click of a button,” Volk and Schoenack said in the statement. “Since our inception in 2019, we’ve turned this concept into reality and significantly changed the way tens of thousands of people travel every month.”

Times are changing and the car marketthe profile of buyers evolving according to costs and supply, FINNISH CEO and co-founder Max Josef Meier said PYMNTS in an interview published in February.

“When it comes to our customers, we typically have a very broad customer base,” Meier said of FINN, an automotive subscription company. “It really starts in the early 20s and goes all the way back to the late 70s.”

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