On-demand car rental company Kyte has closed a funding round of $200 million.
The credit financing for the San Francisco-based company comes from Goldman Sachs and Ares Global Management.
Kyte will put the funds towards expanding its fleet.
Ludwig Schoenack, co-founder of Kyte, says: “We are building a real business with real assets in the real world. To get this right, we needed a debt capital provider that shares our ambitious vision and can put real money behind it. The credit facility from Goldman and Ares will catalyze our growth as we build towards the future of transportation.
“The problem Kyte is solving is giving access to cars to people that live in cities. These cars are a core element that we wanted to get right, and we're committed to being a leader in customer-centricity and technology-powered operational excellence.”
The company goes on to say that with increased customer expectations driven by on-demand services in grocery and restaurant spaces it is bridging the gap between those expectations and “frustrating existing experiences” in car rental.
Kyte also says the funding will help it integrate “more efficient and convenient” vehicles as the industry evolves.
The company announced $9 million in seed funding in January 2021 followed by a Series A round of $30 million in October.