Vinli landed new funding this week that executives say will enable the company to broaden its mobility services and integrations to customers worldwide.
The connected car and data intelligence platform provider announced on Tuesday it has closed $13.5 million in additional funding. The Series B funding round has participation from new and existing investors, including global electric utility provider E.ON, The Westly Group, Hersh Family Investments and Hal Brierley.
The company said Konrad Augustin, investment director at E.ON Scouting and Co-Investments, and Kenneth Hersh, will join Vinli’s board of directors.
Vinli highlighted that it is now on the fast track to add electric vehicles to its growing list of platform capabilities and expand its innovative data intelligence platform, Era.
The company described Era as a revolutionary machine learning platform that can facilitates the streaming from any data source into a secure and intelligent location. The outcome of this technology is increased transparency of data, predictive visibility and flexibility for real-time business and consumer insights.
As Vinli put it, Era is “what smart companies want with their smart vehicle solutions.”
Vinli chief executive officer Mark Haidar elaborated about what the latest funding injection means.
“The investment validates our place in the industry. In the last five years, we have seen the industry unfold and evolve into an industry driven by digital services,” Haidar said. “Companies today need viable data solutions — not only to support the growing number of data sources, but to deliver on the multiple service offerings to their end customers.
“We’re focused on making it easier for large fleets and automakers to access smarter data intelligence,” he continued. “It’s in helping those partners scale and be successful is what we look forward to most at Vinli.”
The company went on to mention the investment deepens the strategic partnership with E.ON, marking Vinli’s first collaboration with an energy company. E.ON will leverage Vinli digital services and data intelligence platform, Era, to broaden electric mobility offerings and tailor solutions for electric fleets.
“With the information from the car itself, we are closing a gap in our data world for eMobilty,” said Frank Meyer, senior vice president innovation and customer solutions at E.ON.
“By combining customer vehicle and network data, we can identify trends at an early stage and will continually create new digital mobility offerings for our customers,” Meyer continued. “Beyond the competitive advantage, we see Vinli as an attractive investment. The company is the global innovation leader in a technology of the future.”
Vinli highlighted the funding round follows a strong fourth quarter of revenue growth, profitability and milestones for the company, including the announcement of Era, and a global strategic partnership with ALD Automotive to make connected services available to its global fleet of 1.6 million vehicles.
With the business in a growth stage, the company added that it will expand across multiple areas. Vinli said it will be making key hires this quarter to fill leadership and engineering roles in the next few months.
Funds to help fintech firms in Europe arrived on Monday.
Fintech business lender MarketInvoice announced it has raised 26 million euros in new equity funding. This Series-B funding round was led by Barclays and fintech fund Santander InnoVentures with significant participation from European venture fund Northzone, an existing investor in the company.
Technology credit fund Viola Credit, who also participated in the equity round, will provide a debt facility of up to 30 million euros to help scale the MarketInvoice business loans solution that sits alongside its core invoice finance solutions.
Since 2011, MarketInvoice has funded invoices and business loans to United Kingdom companies worth more than 2 billion euros, making them one of Europe’s largest online invoice finance platforms. MarketInvoice has supported thousands of companies across the U.K., funding more than 170,000 invoices and supporting over 15,000 U.K. jobs, by providing business finance to help them grow, expand operations and hire more people.
Executives explained the funding will enable MarketInvoice to deepen strategic partnerships in the U.K., grow the team and increase awareness of its business finance solutions. In addition, the company is planning to launch cross-border fintech-bank partnerships to support more businesses with access to its lending solutions.
MarketInvoice co-founder and chief executive officer Anil Stocker said, “This investment is perfectly timed for the company. The quality of investors we are bringing in through this funding round is a real testament to the whole team at MarketInvoice and the value we are building.
“We’re excited to develop our finance solutions further and become the trusted funding partner for ambitious entrepreneurs,” Stocker continued. “By collaborating with bank partners, we will be reaching many thousands of companies here in the U.K. and abroad to provide them with their business finance needs.
“We aim to invest in technology, data and strategic partnerships, to take MarketInvoice to the next level,” Stocker went on to say.
Santander InnoVentures managing partner and head of investments Manuel Silva Martinez evaluated why the company made this move.
“MarketInvoice is helping U.K. businesses access much needed funding to keep their businesses and ideas thriving in a very competitive market,” Silva Martinez said. “We are pleased to be joining other financial institutions as shareholders to scale their solutions in the U.K. and abroad. We are very excited to join Anil and his exceptional team in building this vision together.”
Ian Rand, CEO of Barclays Business Bank, shared his assessment of the investment, too.
“Collaborating with fintech companies like MarketInvoice is an integral part of Barclays’ strategy for accelerating growth,” Rand said. “This investment demonstrates our commitment to the partnership we announced last summer which offers hundreds of thousands of our SME clients access to even more innovative forms of finance, boosting cash flow and competition in the market.”
Furthermore, Viola Credit partner Ido Vigdor, addressed the development, as well.
“More than 6 billion euros has been funded through alternative finance lending in the U.K. and it has become an established mainstream component in the U.K. financial landscape,” Vigdor said.
“The awareness, adoption and impact of alternative finance options are increasing rapidly as platforms, such as MarketInvoice, are providing seamless, easy to use, financial services. We are excited to enter the U.K. market and partner with this exceptional company as it enters to it next phase of growth,” Vigdor went on to say.
Finally, Stocker added more insight about what the additional financial resources could do.
“Now more than ever, businesses need access to stable lines of funding as they navigate choppy political and economic conditions. Our invoice finance solutions are designed to bridge the gap in cash flow requirements and keep UK businesses growing and exporting,” Stocker said.
“We will use this new funding to invest in further risk automation and data models, scale-up our business loans solution and grow our teams,” Stocker continued.
A trio of connected global OEMs is pushing more resources into streamlining the vehicle-purchase process with improved, cloud-based technology.
Alliance Ventures, the strategic venture capital arm of Renault-Nissan-Mitsubishi, announced a new investment in digital technologies and services by investing in Tekion, a U.S. company that seeks to bring connected digital experiences to automotive retail through machine learning and artificial intelligence capabilities.
According to a news release sent on Wednesday, financial terms of the Tekion investment will not be disclosed.
Officials did share that the investment in Tekion, based in California’s Silicon Valley, is the latest investment by Alliance Ventures in start-ups, early-stage development and entrepreneurs at the cutting edge of next-generation systems for the automotive industry.
“At Tekion, we offer the latest technology from ML/AI to big data and internet of things, all integrated in one cloud platform, bringing a seamless digital experience from online to in-store,” Tekion founder and chief executive officer Jay Vijayan.
“This investment from Alliance Ventures will enable us to go farther and faster in creating best-in-class, integrated experiences that connect OEMs, dealers, and consumers better than ever before,” Vijayan continued.
This investment by Alliance Ventures to start the year follows nine other direct investments in 2018 in startups based in North America, Europe, Middle-East and China in an effort to contribute to the future of mobility for all.
“Renault-Nissan-Mitsubishi believes that automotive groups with the most advanced and digitally-connected customer services will enjoy significant competitive advantages,” Alliance Global vice president of ventures and open innovation François Dossa said.
“This is one of the reasons we are investing in Tekion, a company that is leveraging the most advanced technologies to provide digital experiences and solutions for automotive retail,” Dossa went on to say.
Two developments surfaced on Friday involving Carvana; one involving a serious amount of financing capacity and the other much more light-hearted as an effort to drum up interest in the online used-vehicle retailer.
First the funds as Ally Financial announced it is providing up to $2.3 billion in financing commitments over the next 12 months to support retail contracts from and inventory needs of Carvana.
Also, in celebration of their mutual affinity for e-commerce, Carvana and the characters from Disney’s “Ralph Breaks the Internet” are joining forces throughout a multi-channel campaign to highlight just how fun it can be for consumers to buy a vehicle online in as little as 10 minutes and have it delivered to their door as soon as the next day.
While the Disney movie is designed to bring out laughter, it’s certainly not funny business about the relationship Ally and Carvana have.
In its third year of financing agreements with Carvana, Ally will provide up to $1.25 billion available for bulk purchases, in addition to providing a $350 million warehouse credit facility. The $650 million floorplan credit line includes a two-year commitment and represents an increase of $300 million over the existing credit line.
“This latest agreement builds on the strong relationship we’ve established with Carvana and speaks to our commitment to supporting auto retailers as they develop innovative, digital financing experiences for their customers,” said Doug Timmerman, president of auto finance for Ally.
“Our extensive experience in the auto business enables us to tailor financing agreements that make it possible for our customers to reach their goals, and in Carvana’s case, change the way people buy cars,” Timmerman continued.
In the first two years, Ally had agreements to provide up to $2 billion in financing commitments for retail contracts from Carvana. The funding has helped position Carvana for growth as it works with more consumers.
The latest agreement also includes an increased floorplan credit line and continued vehicle sourcing through Ally’s SmartAuction platform.
“We’re on a mission to change the way people buy cars,” said Ernie Garcia, Carvana founder and chief executive officer. “This newest commitment from Ally gives us increased flexibility in investing in the growth of our company and ability to continue to deliver exceptional customer experiences every day.”
Customers who visit Carvana.com can shop more than 10,000 vehicles, finance, purchase and sell their current vehicle to Carvana in as little as 10 minutes, from the comfort of home or on the go via their mobile device.
Carvana offers as-soon-as-next-day delivery in 81 cities across the U.S. and has vehicle vending machines in 14 cities in Texas, Tennessee, North Carolina, Florida, Arizona, Ohio, Pennsylvania and Washington, D.C.
Carvana leveraging Disney movie in promotional campaign
The last thing any e-commerce company wants is for someone to break the internet. Even if that someone is Wreck It Ralph, himself.
But that’s exactly what he and Vanellope are doing in the highly anticipated Disney movie, “Ralph Breaks the Internet,” hitting theaters on Nov. 21.
Carvana is riding along for an exciting collaboration with the movie.
Throughout November, Carvana advertising featuring Disney’s “Ralph Breaks the Internet” will be all over — you guessed it — the internet, as well as TV, out-of-home and digital channels, including Carvana.com. Fans can tag along and see Ralph and Vanellope breeze through the world of online car buying with Carvana and mark their calendars to see the movie, only in theaters on Nov. 21.
To celebrate the launch of the campaign, Carvana hosted an online sweepstakes for one lucky winner and a guest to attend Disney’s “Ralph Breaks the Internet” Hollywood premiere in Los Angeles, all expenses paid.
Carvana kicked off national TV advertising with a 30-second commercial that combines animation and live-action footage, following Ralph and Vanellope as they go on a shopping spree through the internet and wind up with more than they expect.
The clip can be seen here.
Before the movie is on the big screen, visitors to Carvana.com will be greeted by Ralph on their computers and mobile devices, and will even have the chance to do 360-degree virtual vehicle tours of cars from the movie.
Commuters who pass by Carvana’s vehicle vending machines in the Phoenix metro area — where the company is headquartered — and Orlando, Fla., will also get a glimpse of Ralph, featuring a custom-designed wrap advertising the movie on can’t-miss, all-glass towers.
Digital channels, including social media, display ads and third-party listing sites, will encourage fans to see “Ralph Breaks the Internet” on Nov. 21 and buy their next vehicle online.
“Cars are a central storyline element in both movies, and now that Ralph and Vanellope are entering Carvana’s world, it was fitting that we join forces to showcase how we’re making car buying fun again,” Carvana chief brand officer and co-founder Ryan Keeton said.
“We hope ‘Ralph Breaks the Internet’ fans have as much fun seeing the movie as we did developing the elements of this campaign,” Keeton went on to say.
A company that specializes in catering to customers who are low-to-moderate income individuals with soft credit histories now has the technological horsepower constructed by SpringboardAuto.com.
Oportun, a technology-powered community development financial institution (CDFI), announced on Tuesday it has acquired the intellectual property and financing platform of SpringboardAuto.com, a platform designed to be a mobile-friendly, auto finance solution to simplify a secure online transaction for customers, dealerships and private sellers.
“We’ve long wanted to find more ways to help the customers we serve, and this is an important step towards our goal of offering responsible and affordable auto loans,” said Raul Vazquez, chief executive officer of Oportun, which as a federally defined CDFI is a mission-driven financial institution that creates economic opportunity for individuals and small businesses, quality affordable housing and essential community services.
As part of the transaction, the SpringboardAuto.com team has joined Oportun. Jim Landy, previously chief executive officer of SpringboardAuto.com, will now serve as executive vice president and general manager for Oportun’s auto finance business unit.
“We are pleased to have Jim and the talented SBA team join Oportun,” Vazquez said. “Over time, we’ll work to integrate the SBA platform into Oportun and begin to develop the right offering for our customers.”
Landy is part of the collection of experts and executives set to appear during Used Car Week 2018, which begins Nov. 12 at the Westin Keirland Resort and Spa in Scottsdale, Ariz. Landy shared what it means that SpringboardAuto.com is now a part of Oportun after launching a little more than two years ago.
“SBA’s proprietary technology was developed with consumers’ needs in mind,” Landy said. “We are excited to join Oportun so we can further extend our mission to provide a transparent, personalized and empowering car buying and auto finance experience.”
As the firm itself pushes additional resources into its blockchain division, KPMG pinpointed how much fintech investment grew during the first half of this year.
According to KPMG’s Pulse of Fintech report, investment in U.S.-based fintech companies surged to $14.2 billion across 427 deals during the first half of 2018 as investors poured money into startups in fintech emerging segments such as regtech and blockchain, as well as late-stage companies.
KPMG highlighted fintech investment in the U.S. reached a new high of more than $8 billion in Q2, following a strong first quarter.
Total investment during the first half of 2018 increased from $12.2 billion across 371 deals during the second half of 2017, and included more than 10 $100 million plus mega rounds, including insurtechs Oscar and Lemonade, and blockchain-based consortia company R3.
“Unlike the broader VC market, early-stage fintech companies have continued to attract a solid flow of capital in the U.S., with the several top deals in Q2 going to seed or early stage companies,” said Brian Hughes, U.S. national co-lead partner of the venture capital practice at KPMG.
“At the same time, those able to attract later-stage funding likely reflects investor confidence in their ability to become market leaders, if they aren’t already,” Hughes continued.
During the first half of 2018, KPMG tabulated that venture capital investment in blockchain in the U.S. totaled $858 million, exceeding the 2017 total of $631 million.
“There’s more VC flow available than opportunities to invest — a sign of tremendous growth in the space,” said Safwan Zaheer, financial services digital and U.S. fintech lead for KPMG.
“Investments in blockchain related firms already doubled in the first half of 2018 compared to 2017,” Zaheer continued. “Blockchain has the potential to transform banking services. If banking systems were to be rewritten today they would be based on blockchain.”
Payments companies see strong exits
KPMG noted that the payments and lending sectors continued to be one of the most mature of the fintech subsectors during the first half of 2018, with most investment activity centered on late-stage companies and those companies seeking to exit.
Traditional banks invest in digital banking offerings
During the first half of 2018, KPMG pointed out that a number of traditional U.S. banks expanded their digital banking initiatives.
The report recapped that J.P. Morgan announced the success of a digital bank pilot project and its intent to roll out the digital bank option nationally.
Authors noted Citibank also announced a digital-only bank, while Goldman Sachs announced the expansion of its Marcus initiative to the U.K.
Blank check companies on the rise in the U.S.
KPMG explained that more than 20 new blank check companies — a development stage company that has no specific business plan or purpose or has indicated its business plan is to engage in a merger or acquisition with an unidentified company — were created during the first half of 2018, with more than 25 percent noting their intent to seek out fintech opportunities.
The report stated the use of blank check companies suggests the increasing importance investors are placing on fintech opportunities and the desire to raise the funds necessary to make a purchase when the right opportunity arises.
Upcoming trends to watch
KPMG projected that blockchain, regtech and insurtech are all expected to gain momentum, even as artificial intelligence and robotic process automation continue to drive cross sector-opportunities.
Experts added there will likely continue to be an emphasis on partnering with retailers and aggressive tech leaders globally.
KPMG announces new U.S. blockchain leadership
In light of what the firm shared in its fintech investment report, KPMG then bolstered its human capital within blockchain.
KPMG explained its new U.S. blockchain leadership to drive and expand the firm’s blockchain strategy across its core lines of business — tax, audit, advisory and industries. Arun Ghosh has been named the firm’s U.S. blockchain leader, and David Jarczyk and Erich Braun have been named the U.S. blockchain tax and audit leaders, respectively.
KPMG highlighted Ghosh, who is based in Boston, has extensive experience driving business value by leveraging blockchain, analytics, automation and artificial intelligence for high-tech, industrial manufacturing and life sciences organizations. This includes delivering enterprise-wide transformation programs across commercial, operations, R&D, manufacturing and supply chain business functions.
KMPG shared that Jarcyzk, who is based in Chicago, assesses the complex tax and finance implications of blockchain. He has vast experience in determining market needs in response to tax reform and changes, implementing technological requirements, creating unique data analytics offerings and developing go-to-market strategies.
KPMG added that Braun, who is based in San Francisco, assesses blockchain technology and its impact on organizations and on the firm’s audit practice. He also understands how companies are utilizing blockchain technology and its influence on audit procedures.
“In addition to solving business issues with blockchain, companies need to account for the complex regulatory, tax and trade, auditability, risk and compliance implications that come with any global transaction and exchange,” KPMG said.
“KPMG’s blockchain approach integrates financial management, digital transformation and industry subject matter proficiency to provide businesses with comprehensive guidance on blockchain, from strategy to implementation,” the company continued.
“The experimentation phase for blockchain is coming to a close with companies now embarking on the execution phase,” KPMG went on to say. “It is much more than a technology, serving as a global transaction platform that requires an intimate knowledge of tax, global trade tariffs, financial risk implications and core operations.”
Autotech Ventures — a Silicon Valley venture capital firm that manages a fund of more than $120 million focused on startups — recently added to its human capital again.
Autotech Ventures announced that early-stage venture capital investor and former entrepreneur, Daniel Hoffer, has joined the firm as a managing director. Autotech Ventures is a specialist firm focused on investing in revolutionary transportation technologies and business models targeting the $3 trillion ground transportation market.
According to a news release, Hoffer’s experience will expand the firm’s mobility marketplace, software and consumer services expertise.
Prior to joining Autotech Ventures, Hoffer’s investment-related experience included roles as a partner at seed firm Tandem Capital, as a member of the corporate venture capital team at Concur (acquired by SAP) and as an entrepreneur-in-residence at Benchmark Capital.
Hoffer joining the investment team follows the addition of former U.S. Secretary of Transportation Anthony Foxx and Automotive Intelligence Council member Maryann Keller to the advisory board earlier this year.
As an entrepreneur, Hoffer co-founded and served as chief executive officer of global travel pioneer CouchSurfing International, which raised more than $25 million from Benchmark Capital, General Catalyst, Menlo Ventures and Point Nine Capital, among others. He also held executive roles managing multiple product lines at Concur and Symantec, and he continues to serve as the founder and lead organizer of the annual Marketplace Conference in San Francisco.
“Autotech Ventures has established itself as the leader in their industry with a compelling, clear and differentiated value proposition,” Hoffer said. “Having worked closely with them on several deals over the last few years, I’ve been impressed by their approach to investing and by the value they deliver to their portfolio. I’m thrilled to join the team.”
Hoffer was a seed or pre-seed stage investor in several companies in the mobility sector including SpotHero, which subsequently became an Autotech portfolio company during their Series C, as well as Firefly and XStream Trucking.
“Even before he joined our team, we had the pleasure of working with Dan on more than one deal,” Autotech Ventures managing director Quin Garcia said. “His portfolio company CEOs consistently said glowing things about him as a value-add investor they trust and respect.
“Dan’s expertise in marketplaces and consumer-oriented startups complements our existing focus areas, and we’re excited to have someone of his caliber focusing on the transportation sector with us here at Autotech,” Garcia continued.
Autotech Ventures managing director Alexei Andreev added, “We’ve not only been impressed by Dan’s investment judgment, but also by the rich perspective he brings from his experience as a former founder, public company executive, and investor. We are delighted to welcome him to our team.”
