Silvercar Lands $28 Million in Venture Capital led by Audi

Luke Schneider, CEO of Silvercar, has directed the company through its largest capital raise to date with a $28 million Series C equity issuance led by Audi, courtesy photo.

Luke Schneider, CEO of Silvercar, has directed the company through its largest capital raise to date with a $28 million Series C equity issuance led by Audi, courtesy photo.

Silvercar, a rental car startup with a fleet of silver Audi A4 sedans, announced Monday it has raised $28 million in Series C funding led by Audi.

Other investors included Austin Ventures and Eduardo Saverin, co-founder of Facebook.

Austin-based Silvercar plans to use the funds to expand into other markets nationwide. Also, Silvercar plans to work with Audi to “develop Audi Shared Fleet, a turnkey solution for businesses looking to provide accessible transportation to their employees on corporate campuses,” according to a news release.

“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,” Silvercar CEO Luke Schneider said in a news release. “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 addition, Audi North America President Scott Keogh will be joining Silvercar’s Board of Directors. Keogh will join Ken DeAngelis, Austin Ventures, Samrat Ganguly, Velos Partners, Blair LaCorte, formerly of Texas Pacific Group, and Silvercar CEO Luke Schneider on the board.

“Silvercar represents not just the future of the car rental industry, but a vision for the future of mobility,” Keogh said in a news release. “We want to utilize the company’s strengths in technology and innovation to merge connectivity and mobility for today’s consumer.”

Silvercar, founded in 2012, has raised $58.5 million to date from eight investors in five rounds, according to its Crunchbase profile.

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