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Goldman Sachs, Ares Back Car Rental Delivery Startup Kyte

  • Credit facility to be used to grow fleet of vehicles
  • Kyte provides door-to-door delivery services for car rentals
Source: Kyte

Kyte Inc., an on-demand car rental delivery startup, has secured $200 million in credit financing from Goldman Sachs Group Inc. and private equity firm Ares Management Corp.

The funding will be used to help Kyte expand into new cities and accelerate growth for its fleet of vehicles, according to a statement reviewed by Bloomberg News. The valuation of the San Francisco-based company wasn’t disclosed. It was valued at $145 million after a $30 million funding round in October, according to data provider PitchBook.