Silvercar, a car rental service that rents only Audi A4 sedans, has announced it raising $28 million in Series C round of funding led by Audi along with Austin Ventures and Facebook co-founder Eduardo Saverin.
Founded in 2012, Silvercar is a mobile-focused program that allows companies to book one of a select group of cars online and pay per use. It aims to simplify airport car rental process. Through Silvercar, customers can avoid paperwork and can rent only one model, in one color – a silver Audi A4 – and booking, pickup and payment is simplified through the company’s mobile app and website. Employees of the company that books the service get membership cards, which enable them with keyless entry to the cars. The car’s fueling, servicing and cleaning is handled by Audi itself.
With the new funds, Silvercar plans to expand its services to new markets and beyond airports through a new service dubbed Audi Shared Fleet, which will businesses to offer cars to employees on their corporate campuses. Further to the funding, Audi North American President Scott Keogh has joined Silvercar’s board of directors.
Luke Schneider, CEO of Silvercar said, “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. 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 a statement, Keogh said, “Silvercar represents not just the future of the 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.”
This round of funding is the biggest single cash injection Silvercar has received and comes as the company tripled its business in 2015. In the last six months, the company has started its operations in new markets like Las Vegas, Fort Lauderdale, Chicago and New York City and now functions at 12 airports across the US. With this rounds, the company has secured $59 million in four rounds from eight investors including Austin Ventures and Facebook co-founder Eduardo Saverin.