Kyte has raised $9 million in funding to accelerate its mission to give people better access to fewer cars across new geographies.
More than two years ago, Ludwig Shoenack, Nikolaus Volk, and Francesco Wiedmann looked at the bevy of scooter services, ride-hailing apps, public transit, and car-sharing options available in most urban centers in the United States and saw a gap in the mobility market.
The three friends then decided to pool their collective expertise from BMW, McKinsey, and Uber and launched Kyte to create a new kind of car rental experience without taking on the costly business of owning and maintaining large fleets.
Kyte built a fleet-logistics platform that lets consumers rent vehicles through their app or website. The startup, which launched in late 2018 and operates in Boston, Los Angeles, and San Francisco, has caught the attention of investors.
Tuesday, January 5, the startup said has raised $9 million in funding from DN Capital and Amplo VC. Numerous individual investors from the mobility industry also participated, including former Uber Executives Ed Baker, Jörg Heilig, Josh Mohrer, and William Barnes, as well as Lime Co-founder Toby Sun and, Kayak and Travelocity co-founder Terry Jones.
In a recent interview, Shoenack said, “We still believe people own cars because they want it outside their door, so we thought why don’t we put it right there.”
The funds are already being put to work to help drive Kyte’s expansion into markets, starting with Washington, D.C.