Silvercar raises $5 million to bring its car rental service to new markets
Silvercar, a service hoping to remake the airport car rental industry (call it Uber for car rentals, sure), has raised $5 million, according to a form submitted to the SEC. Details are slim at this time, but in a statement, the CEO of the Austin Ventures-backed company, Luke Schneider, offers the following comment:
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 (Dallas-Fort Worth Airport), Silvercar has grown to serve four locations, and we plan to aggressively open at more each quarter.Silvercar's other three locations are Dallas' Love Field, Austin, and, most recently, Houston, a city it added last month. Other cities which are reportedly on SilverCar's expansion roadmap include San Jose, Charlotte, Denver, Nashville, and San Francisco.
Erin Griffith profiled the company around its December launch, saying:
The difference between Silvercar and other car rental companies is that the process eliminates check-in lines and counters. Like Uber, payment information and personal preferences will be stored in the Silvercar app, which makes reservations simple. The car will pay for and charge tolls to the user’s account automatically and account for gas used at the average price per gallon with a $5 refilling fee.Today's $5 million brings SilverCar's total funding to $16.5 million. That round was raised from Austin Ventures, CrunchFund, SV Angel, Chris Dixon, and Dave Morin.
(Disclosure: CrunchFund, SV Angel, and Chris Dixon are also investors in PandoDaily.)