(Bloomberg) — Kyte Inc., an on-demand car rental delivery startup, has secured $200 million in credit financing from Goldman Sachs Group Inc. and private equity firm Ares Management Corp.
The funding will be used to help Kyte expand into new cities and accelerate growth for its fleet of vehicles, according to a statement reviewed by Bloomberg News. The valuation of the San Francisco-based company wasn’t disclosed. It was valued at $145 million after a $30 million funding round in October, according to data provider PitchBook.
“With a shared vision for the future of the transportation industry, this capital solution demonstrates Ares’ focus on innovative businesses that are disrupting traditional business models,” said Felix Zhang, managing director in Ares’ alternative credit unit.
Founded in 2019, Kyte’s online platform allows customers to book a car rental with on-demand drop-off services at the location of their choice. The company uses couriers — called Kyte surfers — to deliver and pick up rented vehicles.
“To get this right, we needed a debt capital provider that shares our ambitious vision and can put real money behind it,” said Ludwig Schoenack, who co-founded Kyte with former Uber Technologies Inc. engineer Nikolaus Volk and ex-BMW AG product manager Francesco Wiedemann.
Kyte currently operates in more than a dozen U.S. cities, including New York, Miami, San Francisco, Chicago and Los Angeles. The startup also maintains a satellite office in Munich.
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