Total amount raised
$36 Millions
Latest funding date
01/01/2022
Location
Smartcar has successfully raised funds through multiple rounds, with the latest being a Series B round closed on January 19, 2022. The company is backed by notable investors such as New Enterprise Associates and Energize Capital.
Smartcar's platform offers APIs that integrate mobility apps and services with connected vehicle data, supporting various use cases across industries. Keep reading to explore the intricacies of Smartcar's fundraising journey and the investors backing this innovative platform.
What Is Smartcar?
Smartcar, founded in January 2015 by Sahas Katta and Sanketh Katta, is headquartered in Mountain View, California. The company operates in the automotive, developer APIs, electric vehicle, insurtech, and software industries.
With a team of 101-250 employees, Smartcar offers a platform that integrates mobility apps and services with connected vehicle data. Their APIs enable functionalities such as tracking vehicle location, managing EV charging, and remote locking/unlocking, making it a versatile tool for various industries.
How Much Funding Has Smartcar Raised?
- Seed Round
- Amount Raised: $2M
- Date: January 2015
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch the Smartcar platform, addressing the lack of standardized interfaces for car-related app development.
- Series A
- Amount Raised: $10M
- Date: March 2018
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Smartcar's platform capabilities and increase compatibility with more car brands.
- Series B
- Amount Raised: $24M
- Date: January 2022
- Lead Investors: Energize Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To grow U.S. operations, accelerate European market expansion, and enhance the platform's capabilities.
Smartcar has raised a total of $36M in funding. The current valuation is not publicly disclosed.
Key Investors
- Energize Ventures
- Details: Energize Ventures is a venture capital firm that focuses on investing in companies driving the digital transformation of energy and industry. John Tough, managing partner at Energize Ventures, joined Smartcar's board as part of the Series B funding round.
- Investment Focus Areas: Energy, industrial sectors, digital transformation.
- Notable Investments: Specific notable investments are not mentioned, but they generally invest in companies innovating in energy and industrial sectors.
- Andreessen Horowitz (a16z)
- Details: Andreessen Horowitz is a well-known venture capital firm that invests in technology companies across various stages. Bill Krause, board partner at Andreessen Horowitz, is already on Smartcar's board.
- Investment Focus Areas: Software, internet, technology-enabled services.
- Notable Investments: Facebook, Airbnb, Slack.
- New Enterprise Associates (NEA)
- Details: New Enterprise Associates is a prominent venture capital firm with a broad investment portfolio. Forest Basket, general partner at NEA, is already on Smartcar's board.
- Investment Focus Areas: Technology, healthcare, energy.
- Notable Investments: Salesforce, Workday, Robinhood.
What's Next for Smartcar?
Smartcar is poised to capitalize on the growing demand for connected vehicle services. With plans to expand its U.S. operations and accelerate its presence in Europe, the company aims to broaden its platform capabilities and increase compatibility with more car brands. This expansion could potentially connect over 112 million cars globally, offering significant growth opportunities.
Future fundraising rounds seem likely as Smartcar continues to enhance its platform and expand its market reach. The company’s strategic partnerships with car-sharing platforms and insurance companies further bolster its growth prospects. However, Smartcar will need to navigate regulatory challenges and ensure data security to maintain its competitive edge.
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