Funding round
Kyte Series A
Kyte, which works in vehicle rental services in San Francisco, raised $30M in a Series A round announced on 6 Oct 2021, led by Park West Asset Management and Sterling Road. 12 firms took part, 2 of them already investors. It is Kyte's second venture round on record; the one before was a Seed in Jan 2021.
$30M
Amount raised
Not disclosed
Post-money valuation
12
Investors
2 leads
Valuation
What this round says about the price
Kyte did not disclose a valuation in this round. It came 9 months after Kyte's Seed. It is 30% of the $99M Kyte has raised in the venture rounds on record. Kyte raised again 13 months later: a Series B round of $60M in Nov 2022.
Kyte's funding rounds
Kyte has 3 venture rounds on record and 2 other deals. This one is highlighted.
Investors
Who put money in
Park West Asset Management and Sterling Road led the round with 10 other firms. Park West Asset Management and Sterling Road had backed Kyte before.
Lead investors
- Park West Asset Management existing investor
- backs 7 venture-backed companies existing investor
Also in the round
- backs 55 venture-backed companies new investor
- backs 42 venture-backed companies new investor
- backs 52 venture-backed companies new investor
- backs 107 venture-backed companies new investor
- Moving Capital new investor
- backs 20 venture-backed companies new investor
- backs 22 venture-backed companies new investor
- backs 52 venture-backed companies new investor
- backs 31 venture-backed companies new investor
- FlixBus founders new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
11 Series A rounds in Car Rental within a year either side disclosed an amount; the median was $16M, and this round was 1.9 times the median. The closest in time, other companies' Series A rounds in Car Rental:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Car Rental | 30 Jun 2021 | $19M | not disclosed | AutoScout24 |
| Car Rental | 30 Jun 2021 | $19M | not disclosed | AutoScout24 |
| Car Rental | 15 Feb 2022 | $19M | not disclosed | Hertz Global Holdings, Inc. and Certares |
| Car Rental | 16 Jun 2021 | $6.0M | $30M | Eksim Ventures |
| Moove Car Rental | 14 Mar 2022 | $105M | not disclosed | Speedinvest and Left Lane Capital |
| Car Rental | 21 Apr 2021 | $3.0M | not disclosed | Net Ventures |
| Car Rental | 1 Jan 2021 | $20M | not disclosed | Frind Properties |
| Car Rental | 7 Jul 2022 | $8.0M | not disclosed | Fonds de solidarité FTQ and Siemens Financial Services |
Sources
Where this comes from
Reported by 7 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did Kyte raise in its Series A round?
Kyte raised $30M in its Series A round, announced in Oct 2021.
Who led Kyte's Series A round?
Park West Asset Management and Sterling Road led it, with DN Capital, Amplo, 1984 Ventures, FundersClub and Moving Capital and 5 more.
What was Kyte's valuation at the Series A round?
It was not disclosed.
How does it compare with other Series A rounds in Car Rental?
11 Series A rounds in Car Rental within a year either side disclosed an amount; the median was $16M, and this round was 1.9 times the median.
Did Kyte raise again after this round?
Yes: a Series B round in Nov 2022 of $60M.