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 (mix between equity and debt funding) 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. The high-tech focused bank illimity is the sole provider for the debt financing part of this funding round.
According to the MotorK leadership team, the crisis linked to Covid-19 has been a catalyst for the automotive industry, realizing the need to accelerate its digital transformation. Founded in 2010, MotorK is already a leading player in the automotive sector in Europe and 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 fresh capital 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 UK.
In the coming months MotorK will reveal major updates 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.
Marco Marlia, the CEO and co-founder of MotorK stated: “We are proud to have received this important funding, at this moment in time, 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.”
MotorK’s new backers thus join the pre-existing shareholders 83North and Zobito, and the European Investment Bank, the financial institution of the European Union, which granted MotorK a €30 million credit line at the end of 2018 to support Research & Development investment.
Andrea Piccioni, President of Real Web, commented: We could not be more excited to partner with Marco and the entire team. 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.”
