Car Rental App Kyte Raises $60 Million
Photo Caption: Kyte has access to thousands of cars that users in 14 cities can order on demand through an app. Kyte
Skift Take
Kyte wants to simplify car rentals, while yet another short-term rental platform, this time in Germany, raises millions.
Travel Startup Funding This Week
Each week we round up travel startups that have recently received or announced funding. Please email Travel Tech Reporter Justin Dawes at jd@skift.com if you have funding news.Three travel tech startups raised nearly $202 million this week.
>>Kyte, an app that offers on-demand car rentals, has raised $60 million in Series B growth equity financing.
Through the app, consumers can have cars delivered to them for daily, weekly, or monthly use, the company said.
The round was led by InterAlpen Partners. The firm’s founder, Stephen George, was an early investor in Tesla and SpaceX. Other new investors include Valor Equity Partners, Anthemis, Citi Ventures, and Hearst Ventures, along with existing investors DN Capital, 1984 Ventures, FJ Labs, and Urban Innovation Fund.
Kyte has now raised about $300 million in equity and debt.
Goldman Sachs and Ares contributed an asset-backed debt investment of $200M earlier this year.
That and the latest fundraise will go toward helping the company triple its current fleet and expand in new and existing markets globally. The company currently has access
