MotorK, an Italian company that offers various digital products to the automotive industry, has secured €10M in equity and debt to accelerate its growth in the post-COVID low touch economy. The round was led by Real Web while Illimity, the high-tech bank specialised in SME credit, is the sole provider for the debt facility. Existing investors Zobito and 83North also contributed to the round.
Aims to strengthen international team
The latest funding will allow the company to fast-track the release of new digital and technological tools that consolidates the wide marketing suite range of products and services already available to dealerships and manufacturers. A part of the funding will also help MotorK to strengthen the international team.
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The Milano-based startup recently announced senior hires, including the appointment of the Chief Growth Officer, the Chief Product Officer, and the Country Manager for the Spanish market.
Automotive sales and marketing technology
Founded in 2010 by three serial entrepreneurs – Fabio Gurgone, Marco De Michele, and Marco Marlia, MotorK develops and sells digital solutions and SaaS cloud products to automotive companies in Italy, Spain, France, Germany, and the United Kingdom. Currently, the company works with over 1,500 dealerships and 90% of the car manufacturers operating in the European market.
MotorK has already developed and built a wide range of products for the automotive industry.
- DriveK – A car marketplace in Europe and is addressed to the B2C market.
- DealerK – A SaaS platform for car dealers to bolster digitisation processes and improve sales.
- Internet Motors – A digital automotive event network in EMEA.
As a part of its 10th-anniversary celebrations, MotorK will reveal its flagship products, WebSparK; an automotive digital experience platform built to maximise lead generation, and LeadSparK; an integrated tool designed to manage leads and CRM activities.
Last year, in January, MotorK closed a €30M loan from the European Investment Bank (EIB) to support the company’s R&D activities and business growth. The funding from the EIB comes one and a half years after the company’s first round of Series A private equity investment worth $10M (nearly €8.59M) from 83North and Zobito.
Main image credits: MotorK