Car rental company Silvercar drives away with $28 mln Series C


Car rental company Silvercar has secured $28 million in Series C funding. Audi led the round with participation from previous backers that include Austin Ventures and Facebook co-founder Eduardo Saverin. In addition to the funding, Audi North America President Scott Keogh has been added to Silvercar’s board of directors.

PRESS RELEASE

AUSTIN, Texas, Jan. 4, 2016 /PRNewswire/ — Silvercar, the next generation car rental and shared mobility company, today announced its largest capital raise to date with a $28 million Series C equity issuance led by Audi. The Series C announcement comes as Silvercar unveils its enhanced digital and mobile platforms designed for an optimized user experience and expands into Las Vegas, its 12th market. Silvercar also received funding from Series B investors including Austin Ventures and Eduardo Saverin, co-founder of Facebook.

The funding will enable Silvercar to accelerate its award-winning airport car rental business and expand to new markets nationwide. Additionally, as part of the next phase of Silvercar’s partnership with Audi, the companies will work in tandem to develop Audi Shared Fleet, a turnkey solution for businesses looking to provide accessible transportation to their employees on corporate campuses.

“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,” said Silvercar CEO, Luke Schneider. “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.”

In addition to the immediate financial impact, Audi North America President Scott Keogh will be joining Silvercar’s Board of Directors. Keogh will join Ken DeAngelis, Austin Ventures, Samrat Ganguly, Velos Partners, Blair LaCorte, formerly of Texas Pacific Group, and Silvercar CEO Luke Schneider on the board.

“Silvercar represents not just the future of the car rental industry, but a vision for the future of mobility,” said Keogh. “We want to utilize the company’s strengths in technology and innovation to merge connectivity and mobility for today’s consumer.”

Silvercar’s Series C announcement punctuates a record 2015 for the company in which it saw its business triple. In the past six months alone, Silvercar opened in several key markets including Fort Lauderdale, Chicago, and New York City. Additionally, just last month, the World Travel Awards recognized Silvercar, whose customer satisfaction and loyalty scores remain the highest in the industry, as “North America’s Leading Car Rental Company.”

ABOUT SILVERCAR:
Founded with a mission to eliminate typical frustrations and points of friction that have plagued the airport car rental industry for decades, Silvercar is paving the way for the future of mobility. The company’s seamless car rental business—offering ONLY fully loaded silver Audis—eliminates lines, counters, paperwork, hassles and uncertainty by delivering the entire experience through an easy-to-use mobile app and friendly concierge service. With its unique combination of technology, operations and assets, Silvercar now also connects customers to the same level of access to mobility in an increasing number of non-airport settings. Silvercar continually earns the highest customer satisfaction and loyalty scores in the industry and is currently offering service in twelve of the busiest car rental markets in the U.S. (LAS, SFO, DEN, LAX, MIA, PHX, DFW, DAL, AUS, FLL, ORD and NYC via The Silver Towers).

ABOUT AUDI:
Audi of America, Inc. and its U.S. dealers offer a full line of German-engineered luxury vehicles. Audi is among the most successful luxury automotive brands globally. Audi delivered over 1,741,000 vehicles to customers globally in 2014, and broke all-time company sales records for the 5th straight year in the U.S. Through 2019, Audi plans to invest about 24 billion euros – 70 percent of the investment will flow into the development of new models and technologies. Visit www.audiusa.com or www.audiusa.com/newsroom for more information regarding Audi vehicles and business topics.

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