Kyte bags $60m to redefine car ownership

Kyte-car-rental-startup-raises-$60m

Kyte, a car rental startup on a mission to “unlock the freedom to go places” has raised $60m in Series B funding.

The round was led by InterAlpen Partners, whose founder, Stephen George, an early investor in Tesla and SpaceX, will be joining Kyte’s Board.

Other new investors included Valor Equity Partners, Anthemis, Citi Ventures, and Hearst Ventures. The round also saw participation from existing investors DN Capital, 1984 Ventures, FJ Labs, and Urban Innovation Fund.

This round brings Kyte’s total funding to approximately $300m across equity and debt.

Kyte is on a mission to redefine the limitations of the transportation industry. The company’s offering aims to allow consumers to bypass the “inconveniences of car ownership”, leasing, and traditional car rental.

With more than a five-fold growth since its Series A in 2021, Kyte said it has plans to expand into new product categories and add new vehicle classes. This includes aggressively growing its electric vehicle fleet and supporting the long-term goal of teleoperated and fully autonomous trip options.

Kyte also offers multiple embedded insurance products.

Nikolaus Volk and Ludwig Schoenack, co-founders of Kyte, said, “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.

“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.”

Earlier this year, Getaround, a global digital car sharing marketplace, entered into an agreement to go publicvia special purpose acquisition (SPAC) company InterPrivate II Acquisition.

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