What is Modal?
Modal is a privately held company established in 2015 and headquartered in San Francisco, California. It offers a sophisticated software solution designed to digitize the entire car buying journey for dealerships. This platform empowers car buyers to complete purchases directly from a dealership's website at any time, integrating essential components such as financing, leasing, trade-in valuations, vehicle upgrades, and flexible pickup or same-day delivery options. The company's innovation addresses the growing consumer demand for seamless, online retail experiences 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 Flight Ventures, Gil Penchina, Y Combinator, Khosla Ventures, and Propel Venture Partners
Angel/Seed (2017): $5.2M led by Perkins Coie, Bullpen Capital, Emagen Entertainment Group, 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
Peter Thiel
Founders Fund is a venture capital firm known for investing in transformative companies across various sectors and stages. Their partners have a track record of backing successful ventures like PayPal, SpaceX, and Palantir, indicating a focus on disruptive technologies and ambitious founders.
IDOM Inc.
Undisclosed investor participating in the funding round.
Ally Ventures
Ally Ventures is associated with Ally Financial Inc., a diversified financial services company that provides a wide array of financial products and services to consumers, businesses, and automotive dealers.
What's next for Modal?
The substantial enterprise-level capital infusion and recent strategic investment signal a strong growth phase for Modal. This backing is expected to fuel further development of its online car purchasing platform, enhance its market penetration, and potentially expand its service offerings. The company is well-positioned to capitalize on the ongoing digital transformation within the automotive industry, aiming to become a leader in providing end-to-end online sales solutions for car dealerships and a streamlined purchasing experience for consumers.
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