Kyte, the company that delivers rental cars to you on-demand, has secured asset-backed credit financing of up to $200 million from Goldman Sachs and the Ares Global Management Alternative Credit Team.
Kyte aims to give people better access to fewer cars and replace car ownership by offering access to cars on demand. The company’s intentional approach increases vehicle utilization and takes cars off the road for a more sustainable future while saving customers time and money. Kyte will create a more robust trip economy that services a more demanding customer with a shared vision of an electrified, autonomous future.
Ares Management Corporation is an alternative investment manager offering clients primary and secondary investment services across the credit, private equity, real estate and infrastructure asset classes. Ares’ Alternative Credit strategy focuses on lending to and investing in assets that generate contractual cash flows.
“The credit facility from Goldman and Ares will catalyze our growth as we build towards the future of transportation,” said Ludwig Schoenack, co-founder of Kyte. “The problem Kyte is solving is giving access to cars to people that live in cities. These cars are a core element that we wanted to get right, and we’re committed to being a leader in customer-centricity and technology-powered operational excellence.”