What is Modal?
Modal is a privately held company established in 2015 and headquartered in San Francisco, California. It offers a comprehensive software solution for car dealerships, enabling customers to complete the entire car buying process online. This includes managing financing, leasing, trade-ins, vehicle upgrades, and arranging pickup or same-day delivery. Modal's platform aims to provide a seamless, day-or-night online checkout experience for car buyers, directly from dealership websites.
How much funding has Modal raised?
Modal has raised a total of $27.1M across 5 funding rounds:
Other Financing Round
$1.5M
Angel/Seed
$5.2M
Other Financing Round
$5M
Debt
$350K
Series A
$15M
Other Financing Round (2016): $1.5M with participation from Gil Penchina, Propel Venture Partners, Flight Ventures, Khosla Ventures, and Y Combinator
Angel/Seed (2017): $5.2M led by Perkins Coie, Bullpen Capital, Y Combinator, Khosla Ventures, and Emagen Entertainment Group
Other Financing Round (2019): $5M supported by Peter Thiel, IDOM Inc., and Ally Ventures
Debt (2020): $350K featuring PPP
Series A (2020): $15M backed by American Honda Motor Co., Inc.
Key Investors in Modal
Khosla Ventures
Khosla Ventures provides venture assistance and strategic advice to entrepreneurs working on breakthrough technologies. The firm was founded in 2004 by Vinod Khosla, co-founder of Sun Microsystems. With over fourteen billion dollars under management, the firm focuses on a broad range of areas including consumer, enterprise, ai, fintech and financial services, semiconductors, health, agriculture/food, sustainable energy, and robotics.
Y Combinator
Established in 2005 and located in Mountain View, California, Y Combinator provides seed funding for startup businesses and to gauge investors for businesses.
Propel Venture Partners
Propel Venture Partners is an investment firm focused on the future of financial services. The firm partners with innovative companies that are reshaping the financial industry, providing capital and strategic support to help them scale and achieve their vision.
What's next for Modal?
With its recent major strategic investment and a history of substantial capital raises, Modal appears to be in a scaling phase, likely leveraging this funding to expand its market reach and enhance its technological capabilities. The company's focus on digitizing the car buying process positions it to capitalize on evolving consumer preferences for online transactions. Future developments may include further integration of financing and delivery services, as well as partnerships to broaden dealership adoption.
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