Silvercar, a rental car start-up featuring only silver Audi A4 sedans, has turned to the German luxury brand to fund its latest expansion.
Audi has spearheaded a $28 million Series C round of equity fundraising for the independent Silvercar. The investment will provide the start-up with the money it needs to expand into more markets across the U.S.
In addition, Audi of America President Scott Keogh will join Silvercar's board of directors, and the rental company will team up with Audi to develop a car-share program for businesses.
"Silvercar represents not just the future of the rental industry, but a vision for the future of mobility," Keogh said. "We want to utilize the company's strengths in technology and innovation to merge connectivity and mobility for today's consumer."