Auto trading platform Prodigy has closed a $5.4m Seed funding round led by a group of venture capital firms.
Investors to the round included 8VC, Battery, SV Angel and CrunchFund, as well as a selection of unnamed private investors from the automotive industry.
Prodigy is an online technology solution to auto dealers to improve their sales and offer more products to their customers. The platform enables staff to quickly set up deals to improve sales, and offers customers an easy buying process.
The technology also enables dealers to enable online sales on their website, letting consumers choose loans and financing options, applying for protection and choosing where to pick up the car.
Capital from the round will be used to improve the company’s sales platform and to hire more staff to its team.
Prodigy CEO Michia Rohrssen said, “Prodigy’s main advantage is how integral we become to the sale of every car in a dealership. There are many solutions that promise to ‘revolutionize car buying’ for the dealer, but if you look at the actual stats they are only touching 2-3% of all sales. That’s no revolution. Consumer buying habits have changed and we want to help the dealerships evolve with them.”
Last week, car financing solution provider AutoFi picked up an undisclosed investment from Santander Consumer USA Holdings. The company helps to connect buyers and lenders, by giving consumers access to a network of lenders when they chose to buy a car on their platform.
Copyright © 2018 FinTech Global
