MotorK, which is a leading automotive sales and marketing technology start-up in Europe announced on 25th September, 2020, that it has raised more than €10 million in both debt and equity financing in order to further accelerate its growth in post-covid low touch economy.
Real Web, the holding behind a number of renowned online marketplaces in Europe in the real estate, beauty, doctor and local services verticals including Immobiliare.it in Italy, led the funding round. The high-tech focused bank illimity is the sole provider for the debt financing part of this investment 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.
Established in the year 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 purpose of supporting the industry disruption.
The new capital will allow the startup to fast-track the release of new digital and technological tools integrating the wide marketing suite range of products and services which are already available to dealerships and manufacturers.
The company also claims to utilize the funds to strengthen the international team. They recently filled their significant vacancies including the appointment of the Country Manager for the Spanish Market, Chief Growth Officer and the Chief Product Officer.
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. Due to its 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.
MotorK says that it 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.
Co-founder and CEO of MotorK, Marco Marlia, commented “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 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.
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