AlgoDriven, which helps vehicle dealers, insurance firms and lenders to get the accurate prices for cars, has received $2m in its Series A funding round.
Dubai-based Global Ventures served as the lead investor, with commitments also coming from Automotive Ventures, Spartech Ventures, otf Wadi, Driven Capital Partners and DTEC Ventures.
With the capital, AlgoDriven hopes to enter new geographic regions, as well as bolster its position in existing market in MENA and Australia. In addition to this, AlgoDriven is continuing to build tools for banks, insurance, classifieds and inspection companies.
Its technology is used by companies to accurately identify, and price used cars. EvalExpert, its flagship product, streamlines the pre-purchase assessment and evaluation of cars, helping businesses sell more vehicles and consumers have better experiences.
AlgoDriven co-founder Glenn Harwood said, “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.”
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