Kyte’s $9M Funding Fuels Expansion of On-Demand Car Rentals
In 2018, Ludwig Schoenack, Nikolaus Volk, and Francesco Wiedemann—three German entrepreneurs based in San Francisco—identified a gap in urban mobility. While scooters, ride-hailing apps, and car-sharing services dominated city centers, longer-term rental options remained inconvenient. Their solution? Kyte, a tech-driven platform that delivers rental cars directly to customers’ doorsteps.
Bridging the Mobility Gap
Kyte’s founders leveraged their combined expertise from BMW, McKinsey, and Uber to create a seamless rental experience without the overhead of fleet ownership. Their platform connects users with vehicles from partner fleets, which are delivered and retrieved by gig workers—eliminating the need for customers to visit rental hubs.
“People own cars because they want convenience at their doorstep,” Schoenack explained. “We’re bringing that same convenience to rentals.”
Key Features of Kyte’s Service
- Doorstep Delivery & Pickup: Vehicles are brought to and from the renter’s location.
- No Hidden Fees: Includes refueling and logistics at no extra cost.
- Partner-Driven Model: Collaborates with major rental companies to access fleets.
$9M Funding Round Accelerates Growth
On January 5, 2021, Kyte announced a $9 million investment led by DN Capital and Amplo VC. The round included notable angel investors like former Uber executives Ed Baker and Josh Mohrer, Lime co-founder Toby Sun, and Kayak’s Terry Jones.
Expansion Plans: The funding will fuel Kyte’s entry into Washington, D.C., adding to its existing markets in Boston, Los Angeles, and San Francisco.
Pandemic-Driven Demand and Recurring Users
Despite launching just before COVID-19, Kyte saw a 400% monthly revenue surge since March 2020, reaching “solid six-figure” recurring revenue. Schoenack noted that over half of bookings come from repeat customers, signaling strong retention.
Industry Impact: Rental partners—hit hard by airport closures—embraced Kyte as a lifeline to monetize idle fleets. “They’re eager to put cars back on the road,” Schoenack added.
The Future of Urban Mobility
Steve Schlenker of DN Capital sees Kyte as a cornerstone of transportation’s evolution:
“The pandemic has reshaped how cities and consumers approach mobility. Kyte’s operational layer delivers unmatched convenience, filling gaps traditional solutions miss.”
With its asset-light model and focus on user experience, Kyte is poised to redefine car rentals for the digital age.
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