Impact Investment Firm Good & Well funds Toronto Startup Kite Mobility accelerating unprecedented access to electric mobility options within private residences, communities and resorts.
TORONTO, Sept. 22, 2022 /CNW/ - Kite Mobility, a first-to-market mobile application that connects residents and guests of private buildings with multiple all-electric transportation options announced the closing of a funding round with impact investment firm Good & Well.
Kite first introduced its proof of concept in the early days of the pandemic. Within the first 6 months, Kite's install base grew rapidly and today the demand from leading real estate developers and hospitality companies continues to build momentum.
This funding round will allow Kite to accelerate its disruptive business model, operationalize pipeline demand, and allow for additional runway for Kite's plans to enter additional cities and countries. Use of funds will be primarily to attract and recruit top talent, continue to expand live projects, and report on carbon reduction impact.
Kite's mission remains to reduce GHG emissions, intercity congestion, and provide residents with alternative and sustainable transportation in the most convenient and cost-efficient ways. Kite offers the latest in sustainable vehicles paired with an easy-to-use mobile app, providing near instant access to mobility.
"Our partnership with Good & Well is purposeful and deliberate. Kite and Good & Well are very much aligned in our respective focus and commitment to social purpose and sustainability," said Scott Macwilliam, Co-Founder and CEO. "Simply put, Kite offers an alternative to vehicle ownership and less convenient, higher cost transportation options. Kite provides the latest electric vehicles as an amenity where you work, live, or play, saving users typically 50% compared to ownership, with a simple user experience and no hidden fees or limitations.".
The infusion of capital will also accelerate the next technology product iteration in Q1 of 2023 with the launch of a new feature, allowing users to register for a monthly subscription providing access to a vehicle of their choice and peace of mind their vehicle will be ready when they need it - all the benefits of vehicle ownership, without the hassles and costs associated with ownership, and includes insurance and free charging.
"Product development and ieration go hand in hand. Adapting to social and economic change is a must to remain competitive and provide exceptional brand and customer experiences to users. It's all encompassing and never-ending and our passion is to create an unmatched and easy-to-use ride-share experience," noted Jason Mota, Co-Founder and Chief Product Officer.
Kite Mobility has seen recognition from multiple city-led initiatives. Recently, Kite in partnership with SWTCH Energy were awarded by the Ontario Centre of Innovation to work on the Electrification of high-density buildings through smart electric vehicle charging and vehicle-to-grid enablement program.
"Kite's solution offers a refreshing and frictionless new model of transportation for consumers, while solving major pain points for building developers and owners. We are thrilled to be partnering with Kite to drive long-term systems change in the mobility industry," added Alexandra Baillie, President of Good & Well.
As Kite Mobility continues to grow, it has set its sights on expanding throughout Canada and across the United States and Europe with strategically aligned and sustainability focused real estate developers, property managers, and hospitality companies.
About Kite Mobility
Access Mobility for Good™
Kite Mobility was founded in 2019 by Toronto Natives, Chief Executive Officer & Founder Scott MacWilliam followed by Chief Product Officer & Co-Founder Jason Mota, and Chief Operating Officer Joseph Cabral. Kite Mobility is a first-to-market app and service provider that connects residents and guests of private residences to multiple mobility options and unlocks access to exclusive community events, offers and promotions for its users, via a simple app and pay-per-use and scheduling model. Today, Kite operates in 2 provinces with partnerships in place to expand across Canada, US, and Europe.
About Good & Well
Inspiring entrepreneurs. Driving social change.
Good & Well is a boutique impact investment firm based in Toronto, Canada that invests in and supports inspiring entrepreneurs driving social change. Our objective is to help catalyse a vibrant, more equitable and sustainable market by harnessing the power of entrepreneurship.
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SOURCE Kite mobility
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