Kyte Raises $30 Million Series A to Bring Cars to People's Doorsteps Nationwide

SAN FRANCISCO, Oct. 6, 2021 /PRNewswire/ -- Kyte, the company that brings cars to people's doorsteps, today announced a $30 million Series A funding round led by Park West Asset Management and Sterling Road. Founded in 2019 by alumni from Uber, McKinsey and BMW, the company is building infrastructure to support its ultimate goal of enabling teleoperation and fully autonomous vehicle delivery. Following a $9 million Seed round in late 2020 and bringing total capital raised to more than $40 million, the new funding will be used for product development, geographic expansion, and growth across new product lines.

Currently operating in ten major U.S. cities, Kyte offers on-demand cars delivered to customers for as long as they need them — bypassing the inconveniences of long in-person lines and paperwork associated with traditional car rental services, the inconsistencies of peer-to-peer car sharing services, and the inflexibility and long commitments of traditional car leases. Kyte's on-demand cars are currently delivered by people, and the company is working towards a future where vehicles are delivered via teleoperators.

"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," said 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."

Kyte is on the heels of an immense 10x growth year, launching its service in eight new cities in 2021. Today, the company operates in ten cities across the U.S. — namely Boston, Brooklyn, Chicago, Los Angeles, Miami, New York City, Philadelphia, San Francisco, Seattle, and Washington, D.C. In the last few months, Kyte has been joined by a number of experienced transportation tech execs, including former engineering director from Uber ATG and Aurora, Nick Cobb, former VP from Bird, Chandra Morando, and additional leaders from UberEats, Expedia, Travis Kalanick's CloudKitchens, Morgan Stanley, and others. 

"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," said 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."

In addition to Park West Asset Management and Sterling Road, Kyte's Series A round saw participation from new and existing investors, including DN Capital, Amplo, 1984 Ventures, FundersClub, Moving Capital, Rosecliff Ventures, Seraph Group, Unpopular Ventures, Urban Innovation Fund, and the founders of German transportation unicorn, FlixBus.

How it Works
Through the Kyte mobile app or website, customers can book a car for a day, multiple days, multiple weeks, months, or for however long they want. To begin, customers choose a specific time and location for their vehicle delivery and return. 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 vehicle from the customer at the requested time and location.

About Kyte
Kyte aims to give people better access to fewer cars and replace car ownership by offering access to cars on demand. 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.

Kyte was founded in 2019 by Nikolaus Volk, Ludwig Schoenack and Francesco Wiedemann, and is headquartered in San Francisco, CA with offices in Munich, Germany. For more information about Kyte and career opportunities, please visit www.drivekyte.com.

SOURCE Kyte

Related Links

https://drivekyte.com/