Despite the difficult market context and an extremely uncertain scenario, MotorK, the leading, automotive sales and marketing technology company in Europe, announces today a fundraising of more than 10 million Euros between equity and debt to further accelerate its growth in the post covid low touch economy. Real Web – the holding behind a number of leading online marketplaces in Europe in the real estate, beauty, doctor and local services’ verticals including Immobiliare.it in Italy – led the investment round. Instead illimity, the high-tech bank specialized in SME credit, is the sole provider for the debt facility.
The funding agreement comes at a particularly tense time for the world economy, a further confirmation of how MotorK’s vision is an absolute point of reference for the digital automotive market. The crisis linked to Covid-19 has been a catalyst for the automotive industry, realizing the need to accelerate its digital transformation. MotorK, already the leading player in the automotive sector in Europe, plans to expand its skills into the digital auto customer journey with the aim of supporting the industry disruption.
This new financing will allow the company to fast-track the release of new digital and technological tools consolidating the wide marketing suite range of products and services already available to dealerships and manufacturers. The capital raised will also be used to strengthen the international team: MotorK recently announced important senior hires, including the appointment of the Chief Growth Officer, the Chief Product Officer and the Country Manager for the Spanish market.
Since its foundation in 2010, MotorK has established itself in the market as a trusted partner for the development of innovative digital solutions for over 1.500 dealerships and 90% of the car manufacturers operating in the European market. Thanks to an innovative combination of digital solutions, SaaS cloud products and strong digital auto expertise, the company is now present in Italy, Spain, France, Germany and the United Kingdom.
The coming months will also bring numerous announcements. The company, which is celebrating its 10th anniversary, will reveal major evolutions for its flagship products: WebSparK – the automotive digital experience platform built to maximize lead generation – and LeadSparK – the comprehensive and integrated tool designed to manage leads and CRM activities.
«We are proud to have received this important funding, at this moment in time, – said Marco Marlia, CEO and co-founder of MotorK – a sign that the market has recognized the solidity of our business model and our ability to deliver innovations to serve the entire automotive supply chain».
Milena Roveda, CFOO of MotorK points out: «Getting new investors in these unprecedented market conditions is proof of both, the resilience of our business model and the sustainability of our value proposition. The trust put in MotorK has encouraged us even more to continue working hard to help our customers in their digital transformation keeping our leadership in the market».
MotorK’s new backers thus join the pre-existing shareholders: 83North and Zobito, two prestigious venture capital firms, and the European Investment Bank, the financial institution of the European Union that works to support projects that promote growth and employment, which granted MotorK a €30 million credit line at the end of 2018 to support Research & Development investment.
Enrico Fagioli, Head of SME division at illimity, stated: «We are happy to support the growth of a company like MotorK which has distinguished itself in the automotive sector for its innovative business model. We are confident that, also thanks to our support, MotorK will be able to offer its international clients even better solutions that anticipate the needs of the market».
«We could not be more excited to partner with Marco and the entire team – commented Andrea Piccioni, President of Real Web – they have written an impressive success story and transformed MotorK into a fastest growing company with a pan-European reach. The team, in fact, is demonstrating how particularly effective technological platforms can be built to allow the automotive sector to face, with the appropriate expertise, the new challenges posed by the digital revolution».