NEW YORK, NY, SpinCar, the global leader in digital automotive merchandising software, announced today that it has closed a $22 million financing round.
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The round was led by Wavecrest Growth Partners, with participation from auto and tech industry veterans David Metter and Harpreet Grewal. The new capital will be used to fund company growth and continued investment in product innovation to meet accelerating market demand for digital automotive merchandising technologies.
SpinCar's digital automotive merchandising platform leverages advanced 360¬° display technology and proprietary behavioral data to reinvent the way in which dealers, OEMs and third-party automotive marketplaces engage with car shoppers. The platform transforms static online merchandising content into immersive, VR-enabled experiences, complete with virtual interior and exterior tours as well as tagged, touchable hotspots that allow consumers to explore key vehicle features in rich detail. By capturing precise vehicle and feature interaction data in real-time, SpinCar enables dealers to personalize every consumer touch based on the specific needs and interests of individual shoppers. SpinCar's VINtelligent Retargeting solution delivers the industry's most personalized digital ad units for greater marketing effectiveness along the entire car buying journey. Dealers using the SpinCar platform report greater than 30% increases in online consumer engagement and conversion rates, as well as 20 - 30% faster inventory turnover, particularly for used and certified pre-owned vehicles.
"In a world where consumers are just a click or swipe away from a myriad of information sources and alternative purchasing options, every digital interaction for a car shopper represents a critical moment in the purchase journey. SpinCar is enabling local and national auto dealers to bring the personalized showroom experience directly to prospective car buyers wherever and whenever they want. Our platform is generating measurable results for dealers of all sizes, and this investment will enable us to expand our industry reach at an even faster rate," said Devin Daly, SpinCar Co-Founder and CEO. "Wavecrest's customer-first approach and unrivaled B2B SaaS experience make them the perfect partner for our next phase of growth. We're excited to work with their team and network of operators as we accelerate our efforts. This capital will allow us to bring new products to market faster, enhance the services we provide to our customers and partners, and expand our world-class team."
Describing the investment, Deepak Sindwani, Managing Partner at Wavecrest Growth Partners said, "SpinCar provides market-leading technology to a very large industry in the throes of digital disruption. We were impressed with the company's value proposition, business performance and unique data assets. We look forward to partnering with Devin and his team to transform the way that vehicles get purchased."
In addition to Deepak, Harpreet Grewal and David Metter have also joined the company's board of directors. Harpreet is a 30-year veteran of SaaS businesses, with particular expertise in selling to SMBs. Most recently, he served as General Manager/CEO of Constant Contact after the company's $1.1 billion sale to Endurance International in 2015. Previously, he was a 5-time CFO of public and private SaaS companies. David is the co-founder and President of AutoHook, which was acquired by Urban Science in 2015. David is a frequent speaker on the topic of digital innovation at auto dealer conferences, including the North American Dealer Association (NADA) show.
Presidio Technology Partners acted as the financial advisor to SpinCar on the transaction.
SpinCar offers automotive dealers, OEMs and online marketplaces the industry's most advanced platform for digital automotive merchandising. The company's 360¬° WalkAround¬® technology builds trust between buyers and sellers by bringing the physical showroom experience to car shoppers wherever and whenever they want. SpinCar's proprietary shopper behavioral data and VINtelligent¬® Retargeting solution enable dealers to deliver hyperpersonalized interactions across the entire car shopping journey. To date, more than 140 million virtual WalkArounds have been experienced by car shoppers across 14 countries. To learn more about SpinCar, visit SpinCar.com.
About Wavecrest Growth Partners
Based in Boston, Wavecrest Growth Partners is a growth equity firm focused on investing in and partnering with leading B2B software and technology-enabled services companies. Wavecrest targets investments in high-growth technology companies with proven product and business models and brings to bear a differentiated combination of investing and operating expertise to help accelerate growth and profitability. Representative investments include Building Engines, Tier1CRM, and SpinCar. Wavecrest's team has over three decades of collective investing and operating experience in growth-stage B2B technology companies, including numerous successful outcomes. For more information, visit wavecrestgrowth.com.