AutoLeap, now with $18M Series B, accelerates SaaS approach to auto repair operations

News Summary

  • In 2017, the age of the average car was 11 years old.All of that holding on means more repairs, but 90% of auto repair shops still use “archaic technology” in the form of spreadsheets and clunky invoicing tools.
  • Lau declined to go into detail about revenue growth, but did say “it’s been very strong revenue growth commensurate with our customer growth.”AutoLeap’s team has more than doubled in the past year, and the new capital will go toward the continuation of hiring across all functions.
  • CarmaCare, touting its “healthcare-for-your-car” angle, announced $4.5 million in funding earlier this month, while over in Brazil, Mecanizou raised $14.5 million to help repair shops locate parts.AutoLeap itself closed on $30 million in Series B in March.
  • Ultimately, we’ve seen tremendous growth from our customer base over the past year.”An industry ripe for technology also means more startups are coming in with approaches to solving the problem and in turn attracting investor attention.
  • For example, AutoLeap recently held its first virtual auto repair conference in March, called Amplify, and Ansari wants to do more like that.“We want to continue to educate the market,” Ansari said.
  • A shortage of available vehicles, higher car prices and interest rates are fueling car owners to hold onto their vehicles longer.
A shortage of available vehicles, higher car prices and interest rates are fueling car owners to hold onto their vehicles longer. Statistics from the Bureau of Transportation Statistics show that the [+3439 chars]