CarNow gains $40M investment from Runway
After Tuesday, CarNow has a bit more “runway” for growth.
The automotive technology platform has landed a $40 million investment from Runway Growth Capital and plans to put the funding toward continue market expansion and product development.
Tim O’Toole, who is CarNow’s chief financial officer, said in a news release: “This investment from Runway Growth Capital is a testament to our team’s hard work and dedication, as well as the innovative solutions we’ve brought to the automotive market.
“With Runway’s support, we’re poised to accelerate our growth, enhance our product offerings, and continue to disrupt the automotive retail industry,” O’Toole said. “Our mission has always been to simplify the car buying process through technology, and this partnership allows us to further that mission on a larger scale.”
CarNow provides digital retail tools, digital messaging services and conversational CTAs. The company intends to “further develop its platform, expand its market reach, and continue providing exceptional value to its dealership customers and their consumers,” with the capital.
Runway managing director and deputy chief investment officer Greg Greifeld said in the release, “We are excited to include CarNow in Runway’s portfolio of innovative companies and support its effort to redefine the automotive buying experience for the digital age.
“This deal reflects our ongoing commitment to partner with the highest quality companies in the venture ecosystem. By providing CarNow with the growth capital needed to fuel its expansion, we are investing in the next evolution of this rapidly changing auto industry.”
Runway managing director of technology Ted Cavan added: ““Our investment in CarNow is a testament to our belief in the company’s ability to modernize the car buying and selling process.
“With additional capital provided by Runway, CarNow is empowered to focus on what they do best — innovating and expanding its remarkable digital platform. The funding offers a significant advantage toward this end, and we’re excited to partner with CarNow and support its next phase of growth.”