Automotive company Audi led a $28m series C round for US-based car rental service Silvercar yesterday that included existing investors such as venture capital firm Austin Ventures and Facebook co-founder Eduardo Saverin.
Founded in 2012, Silvercar operates an app-based auto rental service focused on airports that aims to eliminate traditional bugbears such as lines, counters and paperwork, and which only uses silver Audis.
Silvercar disclosed the funding alongside the release of optimised versions of its digital and mobile platforms. It is also expanding into its 12th US market, Las Vegas, and plans to move into new markets later this year.
In addition to leading the round, Audi will also collaborate with Silvercar on a new initiative called Audi Shared Fleet, which will provide a turnkey transportation service for corporate campuses.
Luke Schneider, Silvercar’s chief executive, said: “Audi’s confidence in Silvercar allows us to extend our reach even further, and bring forth the concept of shared mobility into many more markets, applications and product offerings.
“It is our goal to accelerate the expansion of our successful airport business in order to integrate these new mobility products into the market as soon as possible.”
Scott Keogh, president of Audi North America, will join Silvercar’s board of directors in conjunction with the round, which lifted the company’s overall equity funding to $59.5m. It has also raised about $10.8m in debt financing, according to securities filings.
Austin Ventures previously took part in a $14m series B round in September 2014 also backed by Velos Partners, the growth capital fund of which Saverin is chairman. CrunchFund, SV Angel and Slow Ventures are also among its existing backers.
– Photo courtesy of Silvercar