From the Wires
PureCars Announces $5 Million Equity Capital Raise
By: PR Newswire
Jan. 8, 2013 04:23 PM
CHARLESTON, S.C., Jan. 8, 2013 /PRNewswire/ -- PureCars is pleased to announce it has raised $5 million of new equity capital from Gemini Investors and Stage 1 Ventures. This financing will allow PureCars to enhance and expand its services and product offerings to its rapidly growing family of automotive dealerships.
PureCars' mission has been to work alongside automotive dealerships, from single rooftop stores to top nationwide dealer groups, helping dealerships optimize returns on digital marketing and increase sales.
Since its inception in 2007, PureCars has experienced consistent success and acceptance as one of the fastest growing automotive technology companies. Built from the ground up and focusing on vehicle research, PureCars' dedicated national sales team supports dealers of all sizes with fully automated and cost effective solutions that benefit both dealers and their customers.
PureCars was co-founded by Jeremy Anspach, its President and CEO. "I'm extremely proud of the PureCars team, what we've accomplished, and what is to come. I've always known our company's success starts with our people, and today we're incredibly proud to welcome Gemini Investors and Stage 1 Ventures, two distinguished partners that will further help us build on our solid foundation. We are confident that their investment and expertise will assist in our mission to improve and expand our product offerings, and exponentially grow our business, benefiting both our family of dealers and their customers alike."
"We are very excited to partner with PureCars on this investment. PureCars has been successful in growing rapidly by providing value-added products to its dealership community and we are looking forward to supporting the PureCars team as they continue on their growth path," added David Millet, Partner at Gemini Investors.
"We are extremely impressed with the PureCars team and the leading products that they produce in the dealer automation industry. The PureCars team has built a rapidly growing, profitable business with no outside financing. We believe that our capital will further accelerate the PureCars' growth engine," added David Baum, Managing Partner at Stage 1 Ventures.
About The PureCars Value Shopping Method, And The Digital Products That Support This Approach
PureCars ignited the concept of "Value Shopping," helping consumers clearly understand the value offered by the vehicles they're considering, while assisting dealers in effectively promoting the value benefits of their inventory. PureCars Value Reports, found on the websites of the most progressive automotive dealerships in North America, provide customers a complete value-focused overview on any pre-owned vehicle; from local price competitiveness to in-demand optional equipment, vehicle reliability through certification and reconditioning services and dealer reputations from customer reviews. The PureCars SmartComments tool further promotes these value benefits by pushing powerful custom vehicle comments to all inventory listing sites. Completing the Value Shopping loop, PureCars Trade-In Reports take just 30 seconds to complete. PureCars asks online shoppers a few simple questions about their trade, and they instantly receive a PureCars Trade-In Report with an estimated value on their vehicle, and the dealership receives a quality trade-in lead. At PureCars we believe 'Value. It's More Than Just Price,' and our fully automated, cost effective digital products prove this daily at thousands of leading dealerships nationwide.
About Gemini Investors
Gemini Investors is a Wellesley, MA-based private equity firm which has made over 100 investments since 1993. Gemini makes both growth capital and buyout/recapitalization investments in established companies with strong management teams and compelling growth prospects. To learn more about Gemini Investors see www.gemini-investors.com.
About Stage 1 Ventures
Stage 1 Ventures is a venture capital firm that is seeking to build partnerships with great entrepreneurs that are flexible and who want to build meaningful companies in Mobile, Software as a Service (SaaS), Security, Internet Infrastructure, and Pay-For-Performance Marketing and Advertising.
To learn more about PureCars' products visit www.PureCars.com/demo or call us at (877) 860-7873.
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