Kyte raises $60 million

Kyte, the San Francisco-based startup that offers a delivery and pick up service for car rentals, has closed a $60 million Series B round led by InterAlpen Partners, with participation from Valor Equity Partners, Anthemis, Citi Ventures, Hearst Ventures, DN Capital, 1984 Ventures, FJ Labs, and Urban Innovation Fund. This round brings Kyte’s total funding to approximately $300 million across equity and debt.

Founded in 2019, Kyte currently operates in San Francisco, Los Angeles, Boston, Washington D.C., New York City, Jersey City, Brooklyn, Chicago, Miami, Seattle, Portland, Philadelphia, and Fort Lauderdale. Aside from offering more convenience around car rentals, the startup gives consumers the option to get a Tesla via a monthly subscription which includes insurance among other things.

Kyte offers multiple insurance products, and based on this job ad, they are putting efforts into a captive insurance unit.

“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.” – co-founders Nikolaus Volk and Ludwig Schoenack.