Dubai-based leading automotive data platform AlgoDriven has raised $2 million in a Series A funding round to expand its services into new regions and increase penetration in existing markets such as the MENA region and Australia.
The round was led by the Dubai-based international venture capital firm Global Ventures. The company’s enterprise product line will be expanded for banks, insurance, classifieds, and inspection businesses to boost functionality.
AlgoDriven supports car dealers, classifieds, banks, and insurance companies to accurately identify, and price used cars. EvalExpert, the company’s main product, streamlines the pre-purchase assessment and evaluation of cars, allowing dealers to take advantage of more competitive trade-in deals.
Glenn Harwood Co-founder AlgoDriven
“We’re excited to be partnering with Global Ventures for the next chapter of our journey. We have seen strong growth in demand for our automotive data and software over the last few years both regionally, and in the international markets, we operate in. As trends such as eCommerce and new ownership models continue to transform the automotive industry, we expect demand for our vehicle data, pricing, and appraisal software to continue to increase. The wealth of experience that Noor, Basil, Simon, and the entire team at Global Ventures have in the B2B space made them an excellent choice to partner with as we continue to scale.”
AlgoDriven’s proprietary vehicle data platform is a complete solution of mobile apps, website plugins for car dealerships, enterprise APIs, and financial analytics.
Mr. Basil Moftah, General Partner at Global Ventures said, “Our investment thesis centers around strong, adaptable, and resilient founding teams, disruptive technology, and demonstrable growth prospects. AlgoDriven boasts all three.”
“Glenn and the team have a wealth of market and product experience, and the solution is data-driven, modular, and world-class. This round is set to position AlgoDriven for substantial growth, and we are thrilled to be part of the next chapter,” Mr. Moftah added.
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