"Kyte shut down after financial strain and contraction, ceasing operations after laying off staff and focusing on only two core markets last fall."
"Despite raising over $300 million in financing and expanding to 14 cities in the US, Kyte faced sluggish business in multiple markets."
Kyte, a car-rental startup based in San Francisco, has shut down following a year of financial difficulties. The company, which positioned itself as a more convenient alternative to traditional car rental services, entered receivership in California and sold off its customer list to competitor Turo. Despite raising over $300 million in financing and operating in 14 US cities with a fleet of over 2,000 vehicles, Kyte struggled with sluggish business in key markets, leading to a drastic layoff, a refocused strategy, and ultimately its closure.
Read at sfist.com
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