AlgoDriven, a leading Dubai-based automotive data platform through Global Ventures, the Dubai-based venture capital firm successfully raised $2 million in a Series A funding round.
There were some other participating investors in the series such as Automotive Ventures, an Atlanta-based venture capital firm, AlgoDriven’s 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 so as to increase functionality.
AlgoDriven’s tools are already known to help respectable brands value assets for loans, insurance policies, price vehicle subscriptions and leases.
AlgoDriven’s tools are highly reliable for car dealers, classifieds, banks, and insurance companies to accurately identify, assess, and price used cars.
AlgoDriven’s impact on the Automation industry
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 the automotive industry’s most prestigious brands like Audi, BMW, Hyundai, Kia, Nissan, Toyota, and Volkswagen.
The company’s product is regularly used in over 600 car showrooms in Australia, New Zealand, Malaysia, Singapore, UAE, Oman, Saudi Arabia, Kuwait, Qatar, Jordan, Morocco, and Sweden.
AlgoDriven’s Executive give insight on the Series Funding
Glenn Harwood, the co-founder at AlgoDriven, had the following insights.
“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 industry, we expect demand for vehicle data, pricing, and appraisal software 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, also gave his predictions.
“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.”
“AlgoDriven is set for substantial growth, and we are thrilled to be part of the next chapter.”