Thu. Sep 21st, 2023

Kyte Raises $30M in Series A Funding

Kyte, a San Francisco, CA-based company that brings cars to people’s place, raised $30m in Series A funding.

The round, which follows a $9m seed round in late 2020 and brings total capital raised to more than $40m, was led by Park West Asset Management and Sterling Road with 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.

The new funding will be used for product development, geographic expansion, and growth across new product lines.

Founded in 2019 by Nikolaus Volk, Ludwig Schoenack and Francesco Wiedemann, Kyte offers on-demand cars delivered to customers for as long as they need them. Through the 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.

The company, which is currently building the infrastructure needed to support its goal of enabling teleoperation and fully autonomous vehicle delivery, today 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. 

The company also has offices in Munich, Germany.


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