MotoRefi announced a series of moves on Wednesday, including a new expanded headquarters as well as the addition of three senior executives to its management team.
The auto fintech startup that was an Emerging 8 honoree last year and secured $10 million funding to begin 2021 has signed a lease for a modern 22,000-square-foot space in downtown Washington, D.C. Previously based in Arlington, Va., MotoRefi said in a news release that the decision to relocate to a larger headquarters was due in part to the growth of its team.
And that team now includes:
— Dan Morrison as vice president of product
— Aaron Fagan as senior director of analytics
— Casey Clare Fraser as executive level chief of staff
Morrison comes from Arlington-based LiveSafe where he was a senior product director focused on shipping next generation preventative intelligence solutions, fueling four-fold revenue growth over a three-year span.
Following LiveSafe’s exit, Morrison served as a vice president in the acquiring company, driving LiveSafe’s continued product strategy and roadmap.
Fagan, formerly an analytics and strategy leader at Uber, advised company executives on topics ranging from capital allocation to multi-year growth strategies during his six-year tenure. Fagan joins the MotoRefi community along with notable Uber alumni including board member Rachel Holt, chief operating Eric Stradley and investor Billy Guernier.
Fraser will join MotoRefi as after previously holding a similar role at Washington, D.C.-based Optoro.
“We couldn’t be more excited to add these talented executives to our management team,” MotoRefi chief executive officer Kevin Bennett said in the news release.
“This investment in senior, high-caliber talent showcases our commitment to rapid growth and building a world-class, mission-driven fintech company,” Bennett continued. “Each of these individuals bring a unique, critically important skill set that will prepare MotoRefi for the next phase in our journey.”
With its new central D.C.-based office, MotoRefi added that it intends to continue hiring locally and plans to open the new office for its staff later this year.
Autotech Ventures recently landed the second-largest funding amount in the five-year history of the venture capital firm that’s on tap to appear during this summer’s Automotive Intelligence Summit.
Autotech Ventures announced the closing of its $150 million Fund II that will invest in early-stage startups with a focus on connectivity, autonomy, shared-use mobility, electrification and digital enterprise applications. Officials said the new fund brings the firm to more than $270 million under management to date.
Fund II is the largest to date following the inaugural $120 million fund the firm closed in 2017, according to Autotech Ventures.
Based in Silicon Valley, Autotech Ventures reiterated that it brings deep experience in the ground transportation industry and a global network that helps bridge the gap between founders and incumbent players in transportation. Featuring a team of seasoned transportation executives, investors, and entrepreneurs, the firm has a singular focus on the $3 trillion ground transportation and mobility sector, providing leading startups with the capital, transportation market intelligence, and access to corporate scale-up partners needed to succeed.
“Autotech was not only available whenever we needed them, but they proactively attempted to anticipate our automotive-specific needs, reaching out to us with potential automotive talent, investors, events and business development opportunities that helped us grow the business,” said Sujay Tyle, chief executive officer and co-founder of Frontier Car Group.
The firm is backed by both financial and corporate investors and other leaders from vehicle manufacturers, parts suppliers, repair shop chains, leasing corporations, dealership groups, and trucking firms who together represent a global market capitalization of more than $500 billion.
Notable start-ups the firm has funded include Lyft (IPO), Xnor.ai (acquired by Apple), DeepScale (acquired by Tesla), Frontier Car Group (acquired by OLX/Prosus), Outdoorsy, Volta Charging, Swvl, and SpotHero.
“The transportation industry has phenomenal potential for growth and also presents unique challenges that an experienced partner can help startups navigate,” Autotech Ventures managing director Daniel Hoffer said.
Fellow Autotech Ventures managing director Alexei Andreev added, “We’re well-positioned with a strong community of operators, investors and partners who can offer founders the right guidance to maintain growth and mitigate risk in an increasingly volatile environment.”
Autotech Ventures is schedule to appear during general session of the Automotive Intelligence Summit, which was rescheduled because of the coronavirus pandemic. AIS 2020 is set for Aug. 17-19 in Raleigh, N.C., bringing together leading executives and entrepreneurs to discuss ideas and trends associated with mobility and connectivity, fintech solutions and digital retailing.
For the latest information about the Automotive Intelligence Summit, visit www.autointelsummit.com.
