Alto Closes $45M Series B Financing


Alto, a Dallas, TX-based ride-hailing and private transportation company currently operating in Dallas, Houston, and Los Angeles, closed a $45M Series B financing.

The round was co-led by Tuesday Capital and Goff Capital with participation from new investors Franklin Templeton, Alumni Ventures Group, Senterra, Green Park & Golf Ventures, and Hope Ventures Capital.

The company intends to use the funds to expand operations and its 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.

Led by Will Coleman, Founder and CEO, Alto is a W-2 employee-based, on-demand ride-hailing company which hires vetted, professional drivers and manages a dedicated, company-owned fleet of vehicles. Alto hires W-2 employee drivers and provides in-depth training to allow them to deliver the best customer experience possible in every ride. In addition, the company 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.

The 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 rideshare experience nationally in the near future.