rolling out

Texas ride-hailing app grows Houston fleet with EV additions

The first Alto EVs have hit the road in Houston. Photo via Alto

Your next Alto ride might be electric. The Dallas-based car service has rolled out electric vehicles in Houston.

Alto, founded in Dallas in 2018 and launched in Houston in 2020, elevates ridesharing with its own fleet of company-owned, clearly branded SUVs driven by its staff of drivers. The company previously announced its plans to evolve its fleet into being completely electric, and the first EVs have hit the road, according to a company email.

"Our EV additions to the Houston fleet mark an important moment in our commitment to significantly reduce Alto's environmental impact," reads the email sent on September 5.

The new cars offer similar features to its existing fleet, including legroom, phone chargers, water bottles for riders, and more. Plus, the new cars — Kia EV9 — boast a quieter ride.

Alto has consistently grown in its Texas markets — which include Houston and Dallas — over the years, including expanding into Houston's suburbs.

Will Coleman, CEO of Alto, previously wrote in a guest column for InnovationMap that his priorities for starting the company included safety — but also sustainability. For years, Alto has been expressing interest in introducing EVs, with plans of having a completely electric fleet.

"This EV vision is one example of how a rideshare company can build a better and more accountable industry, and these steps also give Houstonians a more responsible and sustainable transportation solution," Coleman writes.

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A View From HETI

PitchBook attributes $634 million in fourth-quarter VC to Fervo. Photo via Getty Images

The venture capital haul for Houston-area startups jumped 23 percent from 2023 to 2024, according to the latest PitchBook-NVCA Venture Monitor.

The fundraising total for startups in the region climbed from $1.49 billion in 2023 to $1.83 billion in 2024, PitchBook-NVCA Venture Monitor data shows.

Roughly half of the 2024 sum, $914.3 million, came in the fourth quarter. By comparison, Houston-area startups collected $291.3 million in VC during the fourth quarter of 2023.

Among the Houston-area startups contributing to the impressive VC total in the fourth quarter of 2024 was geothermal energy startup Fervo Energy. PitchBook attributes $634 million in fourth-quarter VC to Fervo, with fulfillment services company Cart.com at $50 million, and chemical manufacturing platform Mstack and superconducting wire manufacturer MetOx International at $40 million each.

Across the country, VC deals total $209 billion in 2024, compared with $162.2 billion in 2023. Nearly half (46 percent) of all VC funding in North America last year went to AI startups, PitchBook says. PitchBook’s lead VC analyst for the U.S., Kyle Stanford, says that AI “continues to be the story of the market.”

PitchBook forecasts a “moderately positive” 2025 for venture capital in the U.S.

“That does not mean that challenges are gone. Flat and down rounds will likely continue at higher paces than the market is accustomed to. More companies will likely shut down or fall out of the venture funding cycle,” says PitchBook. “However, both of those expectations are holdovers from 2021.”

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This story originally appeared on our sister site, InnovationMap.com.

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