US-Israeli software as a service (SaaS) firm AutoLeadStar successfully closed its most recent growth financing round. It earned $40 million through lead financier Riverwood Capital and several other investors, such as Aleph, PICO Venture Partners, and Target Global.
Company co-founder and CEO Aharon Horwitz expressed his enthusiasm following the successful funding round. He declared that the partnership with Riverwood Capital would enable AutoLeadStar to expand its investment into relevant technologies for the automotive retail sector. Horwitz explained that, as automotive dealerships help drive economic growth and value, his company takes pride in enabling such businesses to make their work systems more efficient, especially in today’s difficult economic climate.
AutoLeadStar came into the automotive dealership scene at a time of rapid change. With pandemic restrictions, companies took a different approach concerning selling cars since face-to-face sales were almost impossible. Today, the company is seen as one of the industry’s primary innovators. It partners with dealerships to create working digital systems, automated online processes, and industry-specific software to cope with the shift to the digital marketplace.
At present, AutoLeadStar has grown its revenues and scale by more than 100% year-over-year over the past several years. Its software products are now used by almost 1,000 dealerships in North America alone. It provides smart solutions to improve or completely replace outdated manual systems.
The company is now the leading AI-driven marketing automation technology developer for automotive dealerships and manufacturers. This is made possible with its Customer Data and Experience Platform (CDXP.) CDXP has enabled these firms to create personalized marketing campaigns, engage in digital commerce, and improve consumer engagement systems. All of these are necessary for companies to thrive in a growing digital economy. More than 65% of potential customers hope to transact online.
For his part, Riverwood Capital co-founder and managing partner Francisco Alvarez-Demalde also looks forward to working with AutoLeadStar. He referred to it as a market disruptor that has shaken up an industry characterized by fragmented legacy solutions. Alvarez-Demanded lauded Aharon and his team for building a company founded upon a product platform of global caliber. He praised the active go-to-market team, and their unwavering focus on ensuring customer success through their solutions.
In addition to the successful funding round, AutoLeadStar also boasts of a new addition to its board of directors, Ramesh Venugopal, who aims to push the company’s mission to bring top-tier technologies to the industry even further.