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.
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. for more details, visit: https://www.ridealto.com.