Thursday, March 30, 2017

Silvercar Being Acquired By Audi

Austin-based car rental startup Silvercar, best known for its use of high end Audi A4 sedans, is being acquired by Audi, the two companies announced on Thursday morning. Audi, which already owns a minority stake in Silvercar, said it would expand its share to 100 percent of the company. Financial details of the acquisition were not announced. The deal is still pending regulatory clearance. Audi said the companies will work in close cooperation to develop the range of mobility services in the United States for both brands. Silvercar was founded in 2012. The company raised a big, $28M funding round last year from Audi, as well as Austin Ventures and Eduardo Saverin, co-founder of Facebook.