Toronto auto repair software company AutoLeap raised $18m USD in funding, led by Bain Capital. This announcement comes just nine months after they announced their $5m USD seed round, led by Threshold Ventures, who is also participating once again.
What do they do?
AutoLeap is trying to modernize the auto repair shop by providing them with a SaaS that acts as the operating system for their business. The system digitizes the workflow, the sales process (customer quotes, estimates and invoices), backend processes (such as accounting, inventory management), sales and marketing (such as CRM, scheduling, communications) in order to streamline all processes.
Why should you care?
AutoLeap plans to use the round to invest in product enhancements, bettering the customer experience, and engaging talent from around the world. This is also a significant accomplishment for the Toronto-based company, as they competed against several other startups who have been around longer, and have raised significant capital in their own right. Companies like shopmonkey, which launched in 2016, and has raised $110m USD in that time, from Bessemer and Index.
Tips for Founders
If your founding team does not have the same experience as AutoLeap, here's what can you learn from this financing:
How did they raise so much so quickly?
Want to know how AutoLeap raised so quickly? Catch-up on the full conversation here to learn more.