With more than $60 million in VC funding raised to-date, growing tech startup Alto launches in Silicon Valley and shares plans to lead the ride-hail industry in fleet electrification.
DALLAS – Alto, a leader in mobility and the world’s largest on-demand, employee-based rideshare company, is announcing its official launch in Silicon Valley. This is the company’s sixth market launch since its founding in 2018. The expansion follows Alto’s $45 million Series B fundraise last summer. Alto has grown 700 percent in the past year and also operates in Los Angeles, Houston, Miami, Dallas, and Washington DC.
Alto is taking the lead to build a more sustainable ridesharing industry. Earlier this year, Alto announced its plan to become the nation’s first vertically integrated, 100-percent electric ride-hail fleet with more than 3,000 electric vehicles (EVs) by the end of 2023. The company will also invest in fully-owned fleet charging infrastructure across the country to support its transition to EVs as well as the needs of other fleets and individuals. With a full tech stack and complete control at the fleet level, it manages its assets – vehicles and employee drivers alike – to provide a service centered around safety and profitability while elevating the passenger experience.
“Alto is growing faster than ever before, and it’s an exciting time to bring a safe, elevated rideshare experience to Silicon Valley. The future of ridesharing is electric fleets with employee drivers, and our expansion and continued growth into new markets are important steps in helping us bring this vision to life,” said Alto CEO Will Coleman.
The company is shaping the future of the mobility industry through its differentiated business model. Alto calls itself a “human-driven” autonomous fleet because its tech stack and fleet optimization model are built with safety, fleet efficiency, and passenger experience at its core. As an example, Alto drivers do not “accept” or “reject” trips, but rather are assigned the most efficient trip that will provide Alto’s customers and drivers holistically with the best and safest experiences. Alto’s approach to mobility is radically different from the gig business models of the past that simply don’t work for a fleet-driven electric and autonomous future.
“We’re excited to finally offer our service in Silicon Valley and, in time, continue to expand service in the Peninsula. Alto is shaping the mobility and tech industries with its innovative approach and we’re thrilled to be the newest startup that will impact customers’ everyday lives,” added Coleman.