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Alto : Announces Closing of $45M Series B Financing

06/28/2021 | 11:01am EDT

New Funding to Support Market Expansion, Electrification of Vehicle Fleet

Alto, a leader in ride-hailing and private transportation currently operating in Dallas, Houston, and Los Angeles, has announced the successful completion of a $45M Series B financing -- the company’s largest round of funding and infusion of capital to date. Alto is the first ride-hailing provider to hire W-2 employee drivers and manage its own fleet of company-owned vehicles. Through its unique business model, Alto is on a mission to create remarkable journeys by providing the safest, most consistent, and highest quality ride experience for passengers and drivers alike.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210628005546/en/

Alto is on a mission to create remarkable journeys by providing the safest, most consistent, and highest quality ride experience for passengers and drivers alike. (Photo: Business Wire)

Alto is on a mission to create remarkable journeys by providing the safest, most consistent, and highest quality ride experience for passengers and drivers alike. (Photo: Business Wire)

The Series B financing was co-led by Tuesday Capital and Goff Capital. New investors in the round include Franklin Templeton, Alumni Ventures Group, Senterra, Green Park & Golf Ventures, and Hope Ventures Capital.

“Tuesday Capital is proud to invest in the future of ride-hailing and transportation with Alto,” said Patrick Gallagher, Co-Founder and Managing Partner of Tuesday Capital. “Alto is changing the paradigm in ride-hailing -- turning what was once a gig into a sophisticated, vertically integrated operating company capable of delivering a better experience and more value for customers, drivers, and local communities.”

The new funding will support Alto’s nationwide expansion and more than triple Alto’s current geographic footprint. In addition, Alto plans to begin the transition to an electric fleet in early 2022 with the goal of having the country’s first 100% EV ridehail fleet of over 3,000 vehicles by the end of 2023.

“We are excited to have such strong support from investors who share our vision for revolutionizing the rideshare industry,” said Will Coleman, Founder and CEO of Alto. “With this new funding, we’re on track to take Alto’s safe, consistent, and hospitable service across the country, and are set to become the world’s largest fully electric ride-hail fleet operator over the next two years.”

Alto sets the standard in safety, cleanliness, and quality in the ride-hailing industry. Each driver is a W-2 employee, thoroughly vetted and trained, and monitored in-real time. Alto’s luxury fleet undergoes daily service checks, deep cleaning procedures, and between-ride cleanings with EPA-registered disinfectants. To ensure maximum safety for its drivers and riders during the COVID-19 pandemic, Alto double-downed on its safety efforts by equipping each vehicle with custom plexiglass barriers between the driver and passenger compartments while also installing HEPA cabin air filters that remove 99.9% of airborne particles.

Alto is currently available in Dallas, Houston and Los Angeles. Download the Alto app on the App Store or Google Play, or sign up at https://www.ridealto.com/.

ABOUT ALTO

Founded in 2018, Alto is the first W-2 employee-based, on-demand ride-hailing company rethinking the business model of a traditionally inconsistent, gig-based industry. By hiring vetted, professional drivers and managing a dedicated, company-owned fleet of 5-star crash rated vehicles, Alto offers the safest, most consistent, and highest quality passenger experience on the market today. Alto hires W-2 employee drivers and provides in-depth training to help drivers deliver on Alto’s consistently hospitable customer experience with every ride. In addition, Alto manages its owned vehicle fleet and brings advanced logistics and optimization to the ride-hailing space, reducing the number of unutilized vehicles on the road and leading to less congestion and lower emissions in the cities in which it operates. Alto has always set the standard in cleanliness in the rideshare industry, and has dedicated staff that deep clean the fleet multiple times per day. Drivers also clean the vehicle between every ride. During the COVID-19 pandemic, Alto doubled-down on its commitment to safety and cleanliness with the installation of industry-leading protective equipment, technology, and cleaning and disinfecting procedures including HEPA cabin air filters and custom designed and built plexiglass barriers between the driver and passenger compartments. Alto leads the industry in in-car experience. The Alto app acts as a passengers “remote control” to their ride, including the ability to set the “vibe” (music and conversation preferences) and control the lights of the car for easy identification. Currently available in Dallas, Houston and Los Angeles, Alto has plans to bring its elevated rideshare experience nationally in the near future. For more information, visit www.ridealto.com.


© Business Wire 2021
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