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🦄 Unicorner Startup of the Week: Kyte
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✍️ Notes From The Editors
Happy Monday! Today’s cover is on a company that is changing the way we rent cars. We hope you enjoy learning about Kyte as much as we did. Happy holidays!
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Kyte is a rental car company that delivers and picks up cars from your address. The company allows you to rent vehicles for a period of time, or subscribe to a car on a monthly plan for as long as you want.
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💰 Business Model
The company charges per day (similar to Airbnb) on rentals, in addition to other optional perks and pickup/delivery fees. For subscriptions, the company charges a monthly fee and a one-time service fee.
📈 Traction and Fundraising
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Raised $30 million Series A round from investors like Park West Asset Management, Sterling Road, DN Capital, FundersClub, Moving Capital, Rosecliff Ventures, Seraph Group, Unpopular Ventures, and more
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Available on the iOS App Store and Google Play Store
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Currently operating in San Francisco, Los Angeles, Long Beach, Boston, Washington D.C., New York City, and more
👫 Founder(s)
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Ludwig Schoenack, BD/Operations: Previously Venture Partner @ Contrary, Fellow Senior Associate @ McKinsey & Company, Associate @ KPMG, MBA @ Berkeley, Business Administration and Finance @ University of St. Gallen
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Francesco Wiedemann, Product: Previously Product Manager Shared Mobility @ BMW Group, Venture Incubation Program @ Harvard Innovation Labs, Founder @ First Calling, Management MS and Engineering Science BS @ Technische Universität München
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Nikolaus Volk, Engineering: Previously SWE @ Uber, Data Scientist & Machine Learning Engineer @ iRhythm Technologies, Developer @ 21Diamonds, Comp. Biomechanical Engineering MS @ Stanford, Engineering Science BS @ Technische Universität München
💼 Opportunities
Be sure to mention you came from Unicorner when applying!
🔮 Our Analysis
From trying to figure out how to book a car to waiting in long lines, renting cars is often a tedious process. Kyte’s vehicle-as-a-service approach aims to simplify the world of car rentals. The ability to book a vehicle and have it delivered directly to where you need makes the process of renting a car easy. In addition, the company claims that by minimizing its overhead costs, it is able to offer better prices than traditional car rental companies. Behind the scenes, the company has built its service through partnerships with existing rental companies, which provide the vehicles. While we find the potential of the company in this space exciting, we are also impressed by its long-term goal of building a “platform that can deliver vehicles via teleoperation or an autonomous system.” Overall, the company has a strong vision and a lot of long-term prospects that make it unique and worth keeping up with.
📚 Further Reading
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Made with 💜 by the Unicorner Team 🦄
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🎁 Bonus Content!
Oxygen, a neobank for freelancers that we covered back in February, is in talks to raise around $70 million with its Series B according to TechCrunch. Check out the article here. |
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