PureCars said Tuesday afternoon it has generated $5 million in new equity capital from Gemini Investors and Stage 1 Ventures that can help the company bolster its offering for dealerships.
The auto technology company aims to work with dealerships of all sizes to “optimize returns on digital marketing and increase sales.” It debuted in 2007 and focuses mostly on vehicle research. The company offers dealerships “fully automated and cost effective solutions that benefit both dealers and their customers.”
Co-founder, president and chief executive officer Jeremy Anspach said: “I’m extremely proud of the PureCars team, what we’ve accomplished, and what is to come. I’ve always known our company’s success starts with our people, and today we're incredibly proud to welcome Gemini Investors and Stage 1 Ventures, two distinguished partners that will further help us build on our solid foundation.
“We are confident that their investment and expertise will assist in our mission to improve and expand our product offerings, and exponentially grow our business, benefiting both our family of dealers and their customers alike.”
David Millet, partner at Gemini Investors, noted: “We are very excited to partner with PureCars on this investment. PureCars has been successful in growing rapidly by providing value-added products to its dealership community and we are looking forward to supporting the PureCars team as they continue on their growth path.”
Stage 1 Ventures managing partner David Baum said: “We are extremely impressed with the PureCars team and the leading products that they produce in the dealer automation industry. The PureCars team has built a rapidly growing, profitable business with no outside financing. We believe that our capital will further accelerate the PureCars' growth engine.”