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Silvercar Raises $14 Million in Funding to Accelerate Market Expansion

AUSTIN, Texas, Sept. 23, 2014 (GLOBE NEWSWIRE) -- Silvercar, a personal transportation company that has revolutionized airport car rental with its app-based, all-Audi experience, today announced a $14 million investment led by Eduardo Saverin and Velos Partners as well as additional contributions from Austin Ventures. Raj Ganguly of Velos Partners will be joining the Silvercar Board of Directors while Eduardo Saverin, Chairman of Velos Partners, will join the Silvercar Board as an observer.



With this investment, Silvercar will accelerate growth and expansion of the company's flagship all-Audi airport car rental brand and further develop its innovative personal transportation platform. The company previously raised $18 million in funding.

"This investment celebrates all we've accomplished in the car rental space, and it enables and encourages us to continue working toward our long-term vision. Car rental is an important part of that vision, but it's just the beginning. With this investment Silvercar is now poised to help usher in a new generation of technology-enabled personal transportation," said Luke Schneider, CEO of Silvercar.
The new funding for Silvercar rounds out a year of success for the company. In the last 12 months, Silvercar expanded to 5 of the 6 largest rental markets in the US, and its customer satisfaction and loyalty scores are not only the highest in the industry—but highest across nearly all consumer categories. Silvercars are now on the road in Austin, Dallas, San Francisco, Los Angeles, Phoenix, Miami and Denver, "with more key markets on the way," added Schneider.

Silvercar only offers customers brand new Audi A4s. "The Audi-only model is big contributor to the high customer satisfaction," says Schneider, "It enables us to make the entire experience seamless. With a single car offering, we're able to eliminate uncertainty and hassle and reintroduce an element of the customer experience the competition has long neglected: consistency. And obviously, it's a awesome car people actually want to drive."

"Audi has been a proud partner with Silvercar from its inception," said Scott Keogh, President of Audi of America. "Like Audi, Silvercar is on the forefront of innovation in its industry. We're thrilled to see Silvercar grow and succeed with its best-in-class product featuring an all-Audi fleet."

About Silvercar

Founded with a mission to eliminate typical frustrations and points of friction that have plagued its industry for decades, Silvercar is paving the way for the future of car rentals and a new trend in personal transportation. Powered by a next-generation technology platform, the company's seamless car rental business—offering ONLY fully loaded silver Audi A4's—completely eliminates lines, counters, paperwork, and hassles by delivering the entire experience through a mobile app (and friendly concierge service!). Silvercar has the highest customer satisfaction and loyalty scores in its industry and is currently offering service in AUS, DAL, DEN, DFW, LAX, MIA, PHX, and SFO.

Photos accompanying this release are available at: http://www.globenewswire.com/newsroom/prs/?pkgid=27876

CONTACT: Robin Chwatko 646.729.7994 robin@rg-pr.com

Source: Silvercar