Silvercar receives $5 million in funding in a bid to capture new markets

Silvercar-Audi-aiprort-rentals

Silvercar, the “Uber” for airport car rentals, has acquired funding worth $5 million. The news was made public in a filing to the SEC (Securities and Exchange Commission) a few days ago, but details are extremely hush hush right now. Luke Schneider, CEO of the Dallas startup said in a statement: “The equity capital will be used to commence operations in additional markets and develop our offering for rapid expansion. In just six months since launching at DFW, Silvercar has grown to serve four locations, and we plan to aggressively open at more each quarter.”

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The Y Combinator alum aims to bring some ease, class and sophistication to the grim world of airport car rentals, thereby disrupting the industry. Their fleet is composed solely of Audi A4s, the “silver cars”. As you use your smartphone to book your car, the need for long check in lines and counters after a backbreaking long haul flight is done away with. Currently the company operates in Dallas, Austin and Houston, which was added to the list just last month. Their further expansion plans are speculated to include San Jose, Charlotte, Denver, Nashville, and San Francisco.

The recent bout of funding takes the total capital they have raised to $16.5 million. Previous investors have included Austin Ventures, CrunchFund, SV Angel, Chris Dixon, and Dave Morin. As they say in their tagline, Silvercar is “re-imagining” car rental. We certainly hope their “re-imaginations” run wild with a fresh round of a cool $5M!

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