Digital Motors completed $10 million Series A to finance future growth
Digital Motors®, the groundbreaking online sales platform for automotive dealerships and manufacturers, today announced its expansion into Canada. The company is financing its international expansions with the proceeds of a $10 million Series A funding round led by DN Capital based in London, Berlin, and San Francisco.
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Digital Motors’ dealer-based platform allows customers to go through all or portions of the entire automotive-purchasing process, including securing financing, online without stepping into the dealership. It turns any dealer’s or manufacturer’s website into an online store.
"Dealerships and auto makers alike need fully transactional online stores and marketplaces," said Andreas Hinrichs, Chief Executive Officer of Digital Motors. "Customers who configure their vehicle purchase online drive to bottom line profitability, while also being much happier with the buying experience."
After successfully launching its platform in 2020, the company expanded its footprint across the U.S. and introduced an array of new features, such as sharing deals via social media and individual customer virtual garages, which let them arrange and compare multiple transaction scenarios side by side. Instantly approved lease and finance offers eliminate any ambiguity from the purchasing process for all parties involved.
"Digital Motors’ highly configurable SaaS platform can unlock massive scalability at attractive unit economics," stated Steve Schlenker, Managing Partner of DN Capital. "The company is well-positioned as a key enabler given the automotive industry’s global trend towards digitalization and online sales."
Digital Motors operates a software-as-a-service (SaaS) business model that enables automotive clients to get set up 24 hours or less. The platform is configurable to the dealerships’ business rules and adheres to any manufacturer’s corporate identity and MAAP rules. For more information or a product demo, visit digitalmotors.com.
About DN Capital
DN Capital is a global early-stage venture firm, founded in 2000 and based in London, Berlin and San Francisco. DN Capital focuses on Seed, Series A and select Series B opportunities in Europe and North America in four technology verticals: Software, Fintech, Marketplaces, and Consumer Internet. DN Capital’s experience in the automotive space includes leading the Series A investment in Auto1, which completed an IPO on the Frankfurt stock exchange for €7.9 billion earlier in 2021.
About Digital Motors
Digital Motors Corporation is an automotive retail and financial technology (FinTech) platform providing complete online sales solutions to the automotive industry. Based in Irvine, Calif., the company’s revolutionary technology serves the growing needs of dealerships, dealer groups, auto lenders, and vehicle manufacturers to provide a secure end-to-end online purchasing and financing journey to their customers. For more information or to request a demo, visit digitalmotors.com.
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