10 months ago

SilverCar drives away with $28 million investment from Audi

Must have been something in the mulled wine over Christmas in the world of car manufacturing – there’s another big investment in a ground transportation sector.

SilverCar, the US-based luxury airport rental car startup, has taken a $28 million investment windfall from Audi, the German car manufacturer that already supplies all of the company’s vehicles.

The company previously raised $14 million in late-2014, secured a $5 million round in July 2013 and $11.5 million for its first injection.

Austin Ventures and Facebook co-founder Eduardo Saverin are both returning for the latest round following previously participation.

The investment comes in the same week as ride-sharing service Lyft secured a massive Series F round to the tune of $1 billion from General Motors and others.

Audi’s president in North America, Scott Keogh, says:

“Silvercar represents not just the future of the car rental industry, but a vision for the future of mobility.

“We want to utilize the company’s strengths in technology and innovation to merge connectivity and mobility for today’s consumer.”

In June last year, the company began trialling the Audi On-Demand service in San Francisco.

The service is an app that allows users to rent an Audi in one-day increments within the city.

The car will be delivered and picked up by an Audi valet, which is a huge perk that is baked into the price: generally several hundred dollars per day.

SilverCar is solely operating in the US at present, with pick-ups in various locations including Austin, Chicago, Denver, Miami, San Francisco and Denver.

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Kevin May

About the Writer :: Kevin May

Kevin is senior editor and a co-founder at Tnooz. He was previously editor of UK-based magazine Travolution and web editor of Media Week UK from 2003 to 2005.

He has worked in regional newspapers (Essex Enquirer) and started his career at the Police Gazette at New Scotland Yard in London. He has a degree in criminology, a postgraduate diploma in magazine journalism and publishes his first book - a biography about Depeche Mode - in late-2016.



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