DUBAI - APRIL 7 2021 -- AlgoDriven, a leading Dubai-based automotive data platform, has successfully raised $2 million in a Series A funding round. The round was led by Global Ventures, the Dubai-based international venture capital firm.
Other participating investors included Automotive Ventures, an Atlanta-based venture capital firm – for whom AlgoDriven is its first international investment - Spartech Ventures, otf Wadi, Driven Capital Partners and DTEC Ventures.
Proceeds will be used to expand the company’s reach globally into new regions and increase penetration in existing markets such as the MENA region and Australia. The company’s enterprise product line will continue to be built out for banks, insurance, classifieds, and inspection companies - to increase functionality. AlgoDriven’s tools already help value assets for loans, insurance policies, price vehicle subscriptions and leases.
AlgoDriven supports car dealers, classifieds, banks, and insurance companies to accurately identify, and price used cars. The company’s core product, EvalExpert, streamlines the pre-purchase assessment and evaluation of cars, ultimately allowing dealers to benefit from more competitive trade-in deals. By valuing the trade-in component, AlgoDriven’s technology is helping car dealers and manufacturers sell more new cars online. Consumers also benefit via a better, faster, more professional experience when visiting dealers who use AlgoDriven’s tools.
AlgoDriven’s proprietary vehicle data platform is a complete solution of mobile apps, website plugins for car dealerships, enterprise APIs, and financial analytics.
AlgoDriven’s clients include automotive dealerships representing almost all the automotive industry’s biggest and most prestigious brands including Audi, BMW, Hyundai, Kia, Mercedes-Benz, Nissan, Toyota, and Volkswagen. Today, the company’s product is regularly used in over 600 car showrooms in Australia, New Zealand, Malaysia, Singapore, UAE, Oman, Saudi Arabia, Kuwait, Bahrain, Qatar, Iraq, Jordan, Morocco, and Sweden.
Glenn Harwood, co-founder at AlgoDriven, commented:
“We're excited to be partnering with Global Ventures for the next chapter of our journey. We have seen strong growth in demand for our automotive data and software over the last few years both regionally, and in the international markets we operate in. As trends such as ecommerce and new ownership models continue to transform the automotive industry, we expect demand for our vehicle data, pricing, and appraisal software to continue to increase.
“The wealth of experience that Noor, Basil, Simon and the entire team at Global Ventures have in the B2B space made them an excellent choice to partner with as we continue to scale.”
Basil Moftah, General Partner at Global Ventures, added:
“Our investment thesis centers around strong, adaptable and resilient founding teams, disruptive technology and demonstrable growth prospects. AlgoDriven boasts all three. Glenn and the team have a wealth of market and product experience, and the solution is data-driven, modular, and world-class. This round is set to position AlgoDriven for substantial growth, and we are thrilled to be part of the next chapter.”
Our management has collectively spent over 100 years selling, buying, and trading cars!
The automotive industry has grown and developed various technologies, but trade-in appraisal solutions have failed to advance and meet modern customer demands.
In order to meet our own needs and solve this issue, EvalExpert was born.
From proprietary auto-data and market insights to advanced mobile, desktop, and cloud-based app solutions – AlgoDriven solutions were built from the ground up to optimize dealership processes and create a better retail experience for customers on the hunt for a fresh pair of wheels.
Our joint experience including roles as a dealer principal, car salesman, second-hand car purchasing and more, means that we understand the ins and outs of dealership success. We’ve taken those lessons from our experiences and designed a global solution to fit the needs of growing dealerships.