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Alternative Assets  + Financial Advisory  + Private Equity  + Wealth Management  |  November 10, 2022
On Demand Car Rental Kyte Raises $60M in Series B Funding
Joe Palmisano
By: Joe Palmisano

On Demand Car Rental Kyte Raises $60M in Series B Funding

On-demand car rental company Kyte has closed a $60 million Series B round following $200 million in funding in March. 

The round brings total funding to approximately $300 million across equity and debt, led by InterAlpen Partners, whose founder, Stephen George – an early investor in Tesla and SpaceX – is joining Kyte’s Board.  

Valor Equity Partners, Anthemis, Citi Ventures, and Hearst Ventures, and existing investors DN Capital and 1984 Ventures, FJ Labs, and Urban Innovation Fund, participated in the latest round. 

Kyte delivers cars on demand for all trips longer than a rideshare. Through the mobile app on iOS, Android, or website, customers can book a car for a day, multiple days, multiple weeks, or months. 

Kyte plans to accelerate product development, triple its fleet and expand in new and existing markets. Kyte says it has experienced 5x growth since its $30 million Series A funding in 2021. 

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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