What is Modal?
Founded in 2015, Modal provides a comprehensive software suite that empowers car dealerships to facilitate the entire vehicle purchasing process online. By integrating financing, leasing, trade-in valuations, and vehicle upgrades directly into the dealership's digital storefront, Modal enables a 24/7 checkout experience. This platform effectively bridges the gap between legacy automotive retail and the modern consumer demand for frictionless, digital-first commerce, positioning the company as a critical infrastructure provider in the automotive sector.
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 Propel Venture Partners, Flight Ventures, Y Combinator, Gil Penchina, and Khosla Ventures
Angel/Seed (2017): $5.2M led by Emagen Entertainment Group, Perkins Coie, Bullpen Capital, Y Combinator, and Khosla Ventures
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
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.
Khosla Ventures
Khosla Ventures provides venture assistance and strategic advice to entrepreneurs working on breakthrough technologies, focusing on a broad range of areas including fintech and enterprise software.
Ally Ventures
Ally Ventures is the investment arm of a diversified digital financial services company, specializing in automotive finance and technology-driven lending solutions.
What's next for Modal?
With the support of major industry players and venture capital firms, Modal is well-positioned to scale its enterprise-level operations. The recent strategic funding will likely be deployed to enhance the platform's feature set, expand its dealership network, and further refine its proprietary checkout technology. As the automotive industry continues to shift toward digital-first sales models, Modal's focus on operational efficiency and consumer-centric design will be pivotal in maintaining its competitive advantage and driving long-term growth in the automotive fintech space.
See full Modal company page
