AUTOVATE的动态

M&A Activity in the Automotive Retail Space (Typing on my phone as I sit on the plane at the gate during a 90+ minute delay, so any mistakes - blame the phone) Seven deals -- three on the VC front -- over the last week. 1. 1876 Partners acquires Mavsign (see our write up of the deal at link below). Colonnade Advisors LLC advised Mavsign on the deal. 2. Chaiz, the industry's first comparative marketplace for automotive extended warranties, raised a $3.7 million oversubscribed seed round with 10 VC firms led by ResilienceVC. At first glance, could be a "threat" to dealers, but an intriguing platform that could be a winner for dealers - just takes some imagination. https://lnkd.in/gE4C5PA2 3. Holman takes a minority position in FM Capital - Chase Fraser, co-founder of FM Capital, was the first in the industry to bring in car dealers as limited partners as investors in his firm's various funds. Now, Holman, a 100 yr. old automotive services company, with one of the nation's largest dealership groups, is taking a general partner role as part of its investment. 4. The Reynolds and Reynolds Company acquired TSD Mobility Solutions.TD Cowen advised TSD on the transaction. 5. ACV Auctions Auctions acquired Irish tech company Drive. 6. Element Fleet Management acquired Autofleet Solutions. TD Securities advised Autofleet. 7. Obra Capital, with executives from Solera Auto Finance, acquired the Vista Equity-backed company owned by Solera Holdings, LLC. (which is in the process of launching an IPO). Solera Finance will be rebranded as Arra Finance. https://lnkd.in/gnwqNCV6

Three automotive retail investments in October: 1. BizzyCar announced last week a $15 million oversubscribed growth round led by Dealer Tire. Existing investors also participated in the funding. CEO Ryan Maher founded the company in 2019, and was backed by Avenue Growth Partners (an early investor in ACV Auctions and TruVideo). BizzyCar has built an automated service platform using recall data to drive customers into dealership service departments. 2. Numa announced a $32 million Series B round raised in September. CEO Tasso Roumeliotis (who was at AUTOVATE three years ago) co-founded the company in 2017 with Andy Ruff, Steven Ginn, and Joel Grossman. Originally focused on conversational AI, the company today has turned its attention to providing customer automation solutions to dealerships. Touring Capital and Mitsui & Co., Ltd. led the round which also included Google's AI-focused venture fund, Gradient Ventures, Costanoa Ventures -- both previous investors in Numa. 3. Treehouse announced this week a $16 million Series A raise funded by inVest Ventures. Cofounders include CEO Eric Owski, Daniel Francis, Jeremy Lwanga, Alex David, and Arthur Switalski. The company is focused on residential EV charging and can help dealerships provide home EV services to their customers. Other investors include Holman and Automotive Ventures.

Three automotive retail investments in October: 1. BizzyCar announced last week a $15 million oversubscribed growth round led by Dealer Tire. Existing investors also participated in the funding. CEO Ryan Maher founded the company in 2019, and was backed by Avenue Growth Partners (an early investor in ACV Auctions and TruVideo). BizzyCar has built an automated service platform using recall data to drive customers into dealership service departments. 2. Numa announced a $32 million Series B round raised in September. CEO Tasso Roumeliotis (who was at @AUTOVATE three years ago) co-founded the company in 2017 with Andy Ruff, Steven Ginn, and Joel Grossman. Originally focused on conversational AI, the company today has turned its attention to providing customer automation solutions to dealerships. Touring Capital and Mitsui & Co., Ltd. led the round which also included Google's AI-focused venture fund, Gradient Ventures, Costanoa Ventures -- both previous investors in Numa. 3. Treehouse announced this week a $16 million Series A raise funded by inVest Ventures. Cofounders include CEO Eric Owski, Daniel Francis, Jeremy Lwanga, Alex David, and Arthur Switalski. The company is focused on residential EV charging and can help dealerships provide home EV services to their customers. Other investors include Holman and Automotive Ventures.

Bumper UK secures ￡2 Million in Series B extension, fuelling expansion across the UK and Europe. #Bumper, UK based #fintech company revolutionizing the way car dealers and customers approach car repair payments, has successfully secured an additional ￡2 million in its Series B extension round. This strategic infusion of capital comes from two new heavyweight investors, #Suzuki Global Ventures and Marubeni Ventures Inc., setting the stage for Bumper's accelerated growth across the UK and Europe. The partnership with Suzuki Global Ventures and Marubeni Ventures is not just a financial investment but a strategic alignment designed to propel Bumper's expansion. Suzuki’s impressive European dealer network and Marubeni’s RRG Group, HPL Motors Used Car Supermarket Group, and Norton Way Motors Ltd in the UK provide Bumper with an unparalleled advantage in scaling its operations. Suzuki’s reputation for customer satisfaction, as evidenced by its top rank in the Institute of Customer Service’s 2024 UK Customer Satisfaction Index, underscores the synergistic potential of this partnership. Following a year of record growth, where Gross Merchandise Value (GMV) and customer numbers saw significant increases, Bumper is poised for further success. The company's total investment now stands at ￡55 million, following a substantial ￡40 million Series B fundraising effort last year with prominent automotive investors including Autotech Ventures, Shell Ventures, JLR’s InMotion Ventures, and Porsche Ventures. James Jackson, Bumper’s Co-Founder and CEO, shared his vision for leveraging this latest investment to solidify Bumper's position as the leading payment platform for car dealers in the UK and Europe. Emphasizing the universal challenge of unexpected car repair bills, Jackson highlighted the company’s commitment to developing flexible payment solutions that benefit both customers and dealers. Kinji Saito from Suzuki and Tristan Jennings from Marubeni Ventures both praised Bumper’s unique approach to addressing the financing needs of automotive repair customers. They underscored the potential for Bumper’s technology to reduce friction at the point of sale, improve user experience, and integrate seamlessly into dealership IT infrastructure. The announce on #Bumper website in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://t.ly/s541W ? - Substack: https://lnkd.in/dzfGJzmW

Big opportunity for founders: A major software provider for car dealers and garages in the US got hacked a few days ago, causing major disruption to the industry (so much that repair work had to be done with pen and paper in hand). The software market for motoring businesses is dominated by a few major players. Bahrain being a car-heavy society has a expansive market with dealers and garages. Same can be said for the GCC. If you're a founder looking for a market to break in and sell cutting edge software, then the car business is one to consider. Talk about putting some metal to the pedal ??! https://lnkd.in/dVKDV93w #startups #bahrain #business #cars

Automotive Ventures is very excited to announce an investment in Chaiz. Chaiz, based in Austin and founded by auto and tech industry veterans Ryan Hartman, Philippe Koenig, and Reto Bolliger, is focused on bringing transparency, choice, and digitization to the extended car warranty market. Chaiz is poised to revolutionize the $40 billion?vehicle service contract?industry, which has been long plagued by spam and robocalls. Unlike traditional providers, Chaiz allows users to get quotes in minutes without submitting a phone number or email address, ensuring privacy and a hassle-free experience. This user-centric approach addresses a critical pain point in the industry, offering transparency and choice to consumers. https://lnkd.in/eJszgzdd

How to Start a Small Biz Car Dealership in 5 Steps Choosing to start a small business is not an easy decision. It has its upsides, like the ability to set your hours and work independently. But it also has its downsides, like the need for financing and building up enough capital to even get started. If you’re currently in this position, consider starting a car dealership. https://lnkd.in/gZkEn8Dq #cardealership #startup #smallbiz #autosales #dealership #blueprint #capital #research #competition #supplies #transport #customization #AutoEntrepreneurship #AutomotiveStartup #businessregistration TYCOONSTORY Strikingly wikiHow Podium WebsitePlanet

Numa, the startup focused on customer service automation tools for car dealerships, closed a $32 million Series B round in September. Touring Capital and Mitsui & Co., Ltd., a Japanese conglomerate that’s one of the largest shareholders in automaker Penske Automotive Group, led Numa’s Series B round. Costanoa Ventures, Threshold Ventures, and Gradient, Google’s AI-focused venture fund, also participated in the round. The funding brings Oakland-based Numa’s total raised to $48 million. Numa uses AI to automate tasks such as “rescuing” missed calls and booking service appointments. For example, if a customer rings a dealership but hangs up immediately afterward, Numa can send a follow-up text or automatically place a reminder call. The platform can also give customers status updates on ongoing service, and facilitate trade-ins by collecting any necessary information ahead of time. https://lnkd.in/gy7BA65h

The high-profile failures of car subscription startups like Cazoo created a false sense of security for legacy automotive players. But away from the headlines, a quiet revolution has been brewing. In Q1 2024 alone, mobility startups raised over $1 billion to grow owned fleets. While high-profile failures grabbed headlines, nimble startups like FINN and Kyte iterated flexible subscription models that resonate. With smartphone-like ease of upgrading cars, they meet modern consumers' desire for convenience.? This watershed moment serves as a wake-up call. The future belongs to those who provide flexible access over ownership. For legacy automotive players, now is the time to adapt or risk being left behind. Consumers want access, not liabilities. Give them flexibility. Read the Loopit.co report ?? #carsubscription #mobility #startup

Sometimes, an incredibly lucrative deal might be too good to be true. On June 18, Manhattan Beach, California-based EV startup Fisker, Inc. filed for Chapter 11 bankruptcy after a turbulent pattern of events that involved various quality control issues, recalls, and a disastrous review from YouTube's leading tech authority affected the firm's sole offering; the all-electric Ocean SUV. With the company left working to find creative solutions to pay back its creditors, a landmark deal is set to outfit New York City-based rideshare drivers with new electric vehicles obtained at prices at a fraction of its MSRP. But like all things obtained at a fire-sale price, these vehicles come with a big asterisk that current owners are learning to deal with.