Spincar Announces Raising of $22M in Financing

SpinCar, which is a New York City-based provider of digital automotive merchandising software, today in a report has announced they raised an amount of $22m in financing.

The round was led by some of the prominent invetsors which includes the Wavecrest Growth Partners, with participation from auto and tech industry veterans David Metter and Harpreet Grewal. In conjunction with funding Deepak Sindwani, Managing Partner at Wavecrest Growth Partners, Grewal and Metter joined the company’s board of directors.

The company has a plans to use the for growth and continued investment in product innovation.

The company is founded and led by Devin Daly, Co-Founder and CEO, SpinCar provides a digital automotive merchandising software platform which leverages advanced 360° display technology and proprietary behavioral data to allow dealers, OEMs and third-party automotive marketplaces to improve the way they engage with car shoppers.

The platform also helps in 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.

“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.”

Presidio Technology Partners acted as the financial advisor to SpinCar on the transaction.

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