MotorK provides digital services for the auto industry and just received Series A funding.
The first major round of funding from venture capitalists is usually called Series A funding, and an Italian company providing digital services for the automotive industry has just received SGD 14 million (USD 10 million) from investors as its first round of funding concludes. MotorK is a company which, in co-founder and CEO Marco Marlia’s own words, was launched in order to “revolutionize the creation, management and conversion of leads in the automotive sector by the power of digital”. The company hopes to help the auto industry sell more cars by helping dealers build an online presence and make it easier for consumers to buy new vehicles.
“Our comprehensive end-to-end approach looks after the sales cycle of a car. We’re now servicing 90 per cent of European car brands and over 100,000 dealers,” says Marlia. MotorK is divided into several services, including DriverK, a European marketplace for buying cars that could be considered as a competitor to other services like Carwow. Another service on offer is a subscription-based platform designed for car dealers called DealerK. MotorK also runs Internet Motors, which labels itself as the largest digital automotive event network across Europe, Africa and the Middle East.
This is the first time the company has taken outside funding, having previously been boot strapped with six straight years of growth and “triple-digit growth year on year.” Since launching, the company has spread from Italy to Spain, the UK and Germany, and will be using the investment to launch in more European markets.
Laurel Bowden, Partner at 83North, the company which led the funding effort, said in a statement: “Today’s announcement is a reflection of our commitment to supporting top talent in the European tech sector as we seek to add value to entrepreneurs with our extensive network and experience of high growth companies. We share a common operating philosophy and we look forward to collaborating with the MotorK team.”