on a roll

Luxe rideshare service with EV evolution plans expands Houston-area coverage to two suburbs

Alto, which plans an imminent evolution into electric vehicles, has expanded its service in the Houston area. Photo courtesy of Alto

Some big news for outside-the-Loop ridesharing users: Luxury rideshare company Alto, which currently operates in Inner Loop and Greater Houston, will expand its current service areas to The Woodlands and Spring.

Woodlands and Spring residents who’ve used Alto in Houston can look forward to the service in December and join a waitlist now. Importantly, new users who register now will receive the first three months of Alto membership completely free. (Be sure to check the site for important details.) Memberships run $12.95 per month, or $119 for annual or family memberships. The company promises unlocked fares that are 30-50 percent lower than usually promoted.

Founded in 2018 and launched in Houston in 2020, Alto elevates basic ridesharing with a fleet of company-owned, clearly branded, 5-star crash rated luxury SUVs. For safety, cloud-based cameras capture both interior and exterior videos of the ride. The company has previously announced its plans to evolve its fleet into being completely electric.

Choosy customers can select their preferred ride “vibe” — meaning an upbeat or chill music choice and even level of conversation with the driver — via the app. Vehicles are appointed with chargers, drinks, and even upscale scents (no smelly trips here).

In effort to create a more consistent customer-service based experience, Alto drivers aren’t contractors or side-hustlers but rather employees who receive benefits. A major benefit: Alto doesn’t put time restrictions on departures, meaning users who are running late don’t have to frantically message the driver.

As those who’ve used Alto are familiar, Alto drivers are professional and personable (without being overbearing) and tend to drive much slower and conservatively — something that should be considered for those behind schedule. Importantly, Alto builds 10 to 15-minute pick up windows to adjust for demand and cleaning between rides.

As for the new area users: consider this a chance to cruise Market Street in The Woodlands or Old Town Spring in regal rideshare style.

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This article originally ran on CultureMap.

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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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