Italian startup MotorK has raised $10 million in Series A funding, after expanding into five different countries in the seven years since its launch.
The company, which was founded in Milan in 2010, aims to help car dealers and suppliers sell more vehicles with digital tools. It now operates in Spain, France, Germany and the UK, and is hoping to enter other countries both in and outside Europe with the funds raised.
The funding round, led by 83North, highlights a significant milestone for both MotorK and for Italy, being the highest figure raised to date for a technology company originating from the country. The funding will be used to bolster MotorK’s international team and support significant worldwide expansion, as the company continues to impact an industry worth €100 Billion in Europe alone.
MotorK holistically integrates two product lines: the largest consumer new car marketplace in Europe, DriveK, and a SaaS platform for car dealers called DealerK, with a broad set of tools to increase their sales (CRM, website creation, inventory management and digital marketing tools).
Laurel Bowden, Partner at 83North, commented on their involvement in the deal: “The announcement is a reflection of our commitment to supporting top talent in the European tech sector as we seek to add value to entrepreneurs with our extensive network and experience of high growth companies. We share a common operating philosophy and we look forward to collaborating with the MotorK team.”