Italy’s MotorK, a company that offers digital services to the automotive industry, raises $10M Series A

MotorK, an Italian agency that offers quite a lot of digital merchandise to the automotive commerce, has raised $10 million in Sequence A funding. The spherical was led by 83North, with participation from Zobito, a Swedish private equity and VC company.

Primarily based in 2010 and launched at Mike Butcher’s GeeknRolla conference the an identical yr (oh, how I miss nowadays when nobody knew my title), MotorK was, in co-founder and CEO Marco Marlia’s private phrases, set as a lot as “revolutionise the creation, management and conversion of leads in the automotive sector by the power of digital”. The company’s companies intention to help the automotive present chain promote additional auto vehicles, from serving to sellers assemble an web presence to offering a higher car looking for experience to prospects.

“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.

Amongst its decisions are DriveK, a model new European car market that will very properly be considered a competitor to at least one factor like Carwow, and a SaaS platform for car sellers known as DealerK. The company moreover runs Internet Motors, which claims to be the most important digital automotive event neighborhood inside the EMEA space.

Noteworthy, that’s the major time MotorK has taken exterior funding, having bootstrapped the company, and says it’s been worthwhile for the ultimate six years. It moreover claims “triple-digit growth year on year,” (as imprecise as that is) and has expanded from its home turf of Italy to Spain, U.Okay., France, and Germany. I’m instructed the model new capital is likely to be used to enter totally different European markets.

Laurel Bowden, Confederate at 83North, acknowledged in a press launch: “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.”