Nine months after announcing a $5 million seed round, Toronto auto repair software company AutoLeap is back with $18 million in Series A funding, this time led by Bain Capital Ventures.
Joining Bain in the round is existing investor Threshold Ventures, which led the seed round, to give the company $23 million in total funding.
Co-CEO Steve Lau told TechCrunch that AutoLeap is bringing the auto repair shop into the 21st century by reducing the double- or triple-entry shop owners typically have to do through the digitization of their workflow — customer quoting, invoices and job estimates — and the processing of all of that in the backend accounting. It also provides a sales and marketing component via customer relationship management, scheduling via app, customer texting or emails and online reviews.
Since the seed round and launching last year, the company has grown “well beyond expectations, Lau said. From a team perspective, the company has grown five times and increased 10 times in customer base. Revenue also continues to grow month over month.
“We are more convinced about the market opportunity and our fit in it,” he added. “One of our first customers also recently shared that in the first 10 months of using AutoLeap, his shop doubled its revenue. This is having a real impact in their lives.”
Growing a business is second nature to Lau, who with co-CEO Rameez Ansari spent four years as the co-CEOs of FieldEdge, a SaaS company that helps contractors run their small...
Read Full Story: https://techcrunch.com/2021/10/01/autoleap-drives-technology-for-car-repair-shops-with-new-18m-capital-infusion/
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
