AlgoDriven, a UAE-based automotive data platform, has successfully raised $2 million in a Series A funding round. The round was led by Global Ventures, a Dubai-based international venture capital firm.
Other participating investors included Automotive Ventures, an Atlanta-based venture capital firm – for whom AlgoDriven secured its first international investment - Spartech Ventures, otf Wadi, Driven Capital Partners and DTEC Ventures.
Proceeds will be used to expand the company’s reach globally into new regions and increase penetration in existing markets such as the MENA region and Australia. The company’s enterprise product line will continue to be built out for banks, insurance, classifieds, and inspection companies - to increase functionality. AlgoDriven’s tools already help value assets for loans, insurance policies, price vehicle subscriptions and leases.
AlgoDriven supports car dealers, classifieds, banks, and insurance companies to accurately identify and price used cars. The company’s core product, EvalExpert, streamlines the pre-purchase assessment and evaluation of cars, ultimately allowing dealers to benefit from more competitive trade-in deals. By valuing the trade-in component, AlgoDriven’s technology is helping car dealers and manufacturers sell more new cars online. Consumers also benefit via a better, faster, more professional experience when visiting dealers who use AlgoDriven’s tools.
AlgoDriven’s proprietary vehicle data platform is a complete solution of mobile apps, website plugins for car dealerships, enterprise APIs, and financial analytics.
AlgoDriven’s clients include automotive dealerships representing almost all the automotive industry’s biggest and most prestigious brands including Audi, BMW, Hyundai, Kia, Mercedes-Benz, Nissan, Toyota, and Volkswagen. Today, the company’s product is regularly used in over 600 car showrooms in Australia, New Zealand, Malaysia, Singapore, UAE, Oman, Saudi Arabia, Kuwait, Bahrain, Qatar, Iraq, Jordan, Morocco, and Sweden.
Glenn Harwood, co-founder at AlgoDriven, commented: “We have seen strong growth in demand for our automotive data and software over the last few years both regionally, and in the international markets we operate in. As trends such as e-commerce and new ownership models continue to transform the automotive industry, we expect demand for our vehicle data, pricing, and appraisal software to continue to increase."
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