US-based car rental service Silvercar is set to be wholly acquired by existing shareholder and strategic partner, automotive company Audi, for an undisclosed amount.
The transaction is expected to close within the first half of 2017, pending regulatory approval.
Established in 2012, Silvercar provides an app-based car rental service for airport users. The company’s fleet consists exclusively of silver Audi A4 vehicles.
Following the acquisition, the two companies expect to cooperate closely on a business expansion for both mobility products and services in the US.
They will also collaborate on the continued development of Audi’s own mobility app, which enables users to book any of the car manufacturer’s models through an app.
Silvercar has raised $59.5m in funding and $10.8m in debt financing. Audi led a $28m series C round in January 2016 alongside Austin Ventures and angel investor Eduardo Saverin.
Austin previously took part in a $14m series B round in 2014 that was also supported by Velos Partners, the growth capital fund of which Saverin is chairman. Remaining shareholders include CrunchFund, SV Angel and Slow Ventures.
Dietmar Voggenreiter, board member for sales and marketing at Audi, said: “Audi and Silvercar share the same vision.
“We want to open up a new, flexible way to access mobility for our customers while offering premium quality in every respect. Now we are joining forces and, together, are driving our initiative for innovative mobility services forward.”