Kite Mobility, a cleantech platform founded in 2020, announced that it has secured $3.5 million in funding to help accelerate the company’s growth in the electric vehicle rideshare market in Canada.
Its mobile application provides people in private communities with the ability to rent, reserve, pay-per-use, or subscribe to on-demand electric vehicles and e-bikes.
“The commitments from these strategic investors advance Kite’s growing impact, ability to scale projects to meet strong user and builder demand, and provide significant and measurable carbon reduction within cities,” said Scott Macwilliam, Founder of Kite Mobility, in a statement.
In a news release, the company said its electric mobility-sharing solution can displace up to 10 parking spots per one shared electric vehicle, “allowing building developers to save several millions in capital costs per project.”
Macwilliam also said Kite Mobility plans to accelerate projects that are in lock-step with leading real estate developers, with the goal of offering carbon reduction solutions to the challenges that buildings and communities are dealing with. “Kite’s solutions will also help individuals and families afford to live in our great cities, by making new housing more affordable and by providing sustainable transportation options,” he said.
The company has received investments from Good & Well, Enlightened Building Technologies, The Atmospheric Fund, Alberta Eco Trust, The Greater Montreal Climate Fund, and members of Low Carbon Cities Canada (LC3), among others.