Utah, USA-based AI-powered car maintenance subscription, Treads raised USD 4.6 million in seed funding round. Mucker Capital led the financing for the company. Kickstart Seed Fund, Peak Ventures, Royal Street Ventures, and Convoi Ventures also joined in the funding.
Purpose of financing for Treads
With the latest financing, Treads seeks to support its expansion into 16 additional cities in the U.S.A. The company has plans to make its platform available in 34 cities by the end of 2023.
What the Founder of the company has to add
Zach Olson, the CEO and Founder of Treads said, “Maintaining a car these days can be a real inconvenience and drain on your wallet, especially if you neglect regular upkeep, which can lead to bigger issues down the road. Our goal is to change the way people think about car ownership and maintenance by leveraging advanced AI, introducing emerging auto-tech to consumers, and making car maintenance more affordable through an accessible subscription. With this funding, We look forward to reaching new markets and giving drivers peace of mind knowing that Treads has their tire needs and services covered quickly and more efficiently.
What the investors have to comment
Jon Broscious from Mucker Capital said, “Zach and the team at Treads have executed incredibly over the last couple of years from concept to now growing significantly and thoughtfully into 20+ cities. The subscription and product have been well received and in high demand from customers; Zach and team have built a quintessential business with great unit economics, a compelling product for consumers, and valuable partnerships with industry leaders. We are excited about this next stage of growth under Zach’s leadership as Treads continues to expand across more cities in the U.S.”
About Treads
Zach Olson launched the company in 2019. Treads is an AI-powered car management subscription. The company makes car ownership more enjoyable by eliminating the car maintenance hassle while making the roads safer for everyone. Treads cover its users for tires, alignments, oil changes, wiper blades, and even auto insurance.
A Treads subscription offers compatibility with all types of vehicles, spanning traditional gasoline cars to electric and smart vehicles. The platform features an exclusive selection of top-tier tire brands, such as Goodyear, Michelin, Pirelli, and others. In addition, it’s Auto Insurance Marketplace tailors insurance recommendations to your specific car model and budget. The company also takes environmental responsibility strictly. Treads allocates 1% of its revenue to initiatives aimed at reducing vehicle carbon emissions since launching Treads’ contribution is the equivalent of removing the emissions of 29.9 cars for a full year.
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