
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.