Total amount raised
$549 Millions
Latest funding date
3/1/2024
Location
Kyte has successfully raised significant funding through multiple rounds, attracting a diverse group of investors including Barclays and Waterfall Asset Management. The company offers a unique service by delivering cars directly to customers' doorsteps, providing a convenient and flexible transportation solution.
Keep reading to explore the intricacies of Kyte's fundraising journey and the investors backing this innovative platform.
What Is Kyte?
Kyte, founded in 2019, is a technology and operations company based in San Francisco, California. The company specializes in delivering cars directly to customers' doorsteps, offering flexible rental periods ranging from a day to several months.
Kyte was established by Francesco Wiedemann, Ludwig Schoenack, and Nikolaus Volk. The company has rapidly expanded its operations to over 10 cities across the United States.
With a workforce of 101-250 employees, Kyte continues to grow, providing a convenient and innovative transportation solution for its users.
How Much Funding Has Kyte Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: September 2019
- Lead Investors: 1984 Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial market entry.
- Seed Round
- Amount Raised: $9M
- Date: January 2021
- Lead Investors: DN Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and develop the technology platform.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: May 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage growth and market testing.
- Series A
- Amount Raised: $30M
- Date: October 2021
- Lead Investors: Park West Asset Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Debt Financing
- Amount Raised: $200M
- Date: March 2022
- Lead Investors: Ares Management, Goldman Sachs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support fleet expansion and operational growth.
- Series B
- Amount Raised: Not publicly disclosed
- Date: May 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale the business and enhance technology.
- Series B
- Amount Raised: $60M
- Date: November 2022
- Lead Investors: Alumni Ventures, InterAlpen Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate market expansion and product development.
- Series B
- Amount Raised: Not publicly disclosed
- Date: February 2024
- Lead Investors: Alumni Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and enhance service offerings.
- Convertible Note
- Amount Raised: Not publicly disclosed
- Date: March 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide flexible financing options for future growth.
- Debt Financing
- Amount Raised: $250M
- Date: March 2024
- Lead Investors: Barclays, Waterfall Asset Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale fleet and improve profitability.
Total Amount Raised: $549M. Current Valuation: Not publicly disclosed.
Key Investors
- Barclays
- Details: Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking, and wealth management. The company operates in over 40 countries and employs approximately 83,500 people.
- Investment Focus Areas: Retail banking, corporate and investment banking, wealth management.
- Notable Investments: Uber, Apple, Tesla.
- Waterfall Asset Management
- Details: Waterfall Asset Management is an investment management firm specializing in structured credit and private equity. The firm focuses on high-yield asset-backed securities and other credit investments.
- Investment Focus Areas: Structured credit, high-yield asset-backed securities, private equity.
- Notable Investments: Not publicly disclosed.
- DN Capital
- Details: DN Capital is a global early-stage and growth equity investor focused on software, fintech, and digital media. The firm has offices in London, Berlin, and Silicon Valley.
- Investment Focus Areas: Software, fintech, digital media.
- Notable Investments: Shazam, Auto1, Endeca.
- Park West Asset Management
- Details: Park West Asset Management is a hedge fund based in Larkspur, California. The firm primarily invests in public equity markets across the globe.
- Investment Focus Areas: Public equity, technology, healthcare.
- Notable Investments: Not publicly disclosed.
- Alumni Ventures
- Details: Alumni Ventures is a venture capital firm that provides individual investors with access to venture capital opportunities. The firm has a network of over 500,000 alumni from top universities.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Not publicly disclosed.
What's Next for Kyte?
Kyte's future looks promising with the recent $250 million asset-backed debt financing from Barclays and Waterfall Asset Management. This substantial funding will enable Kyte to accelerate its fleet growth and enhance profitability, positioning the company to capitalize on the increasing demand for on-demand car delivery services. The opportunity to expand into new markets and improve operational efficiency is immense, given the current industry trends favoring digital technology integration and sustainability.
As Kyte scales, future fundraising opportunities are likely to arise, including additional rounds of asset-backed financing and equity capital to support its ambitious growth plans. However, the company will need to navigate the complexities of scaling its fleet and maintaining profitability amidst competitive pressures in the mobility sector. Strategic partnerships and continued investment in technology will be crucial for Kyte to sustain its growth trajectory and enhance its service offerings.
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