FUSE Autotech, a FinTech SaaS business platform raised $10m in a Series A funding round led by Target Global to improve the car buying process.
The Series A round witnessed participation from PICO Venture Partners, Christopher Muhr, former COO of Auto1 (FSE: AG1) and Escavel Capital.
The funding would allow the company to accelerate the platform’s development and drive expansion. The company also plans to expand its product and R&D teams. The previous funding round came in January this year, where the company netted $3.5m.
Founded in 2020 by Andrew Walser, CEO of Walser Automotive Group, and Elie Wurtman, Managing Partner of PICO Venture Partners and co-founder of Vroom Fuse Autotech provides a SaaS-based Finance Management System that allows dealership personnel to create and close vehicle deals by combining artificial intelligence, technology integration and process automation. It automates the entire automotive purchase process and finance experience.
The company currently serves over 100 dealerships in the United States through various SaaS products and is processing nearly $1bn worth of vehicle transactions per year.
Wurtman stated that as the automotive industry experience evolves rapidly, one of the biggest opportunities involves reinventing finance processes into a fully automated omnichannel experience. “I am excited to work together with Andrew, Shmuel and Chris and to bring our expertise in both the auto industry and scaling software companies to lead FUSE on a quick pathway from launch to scale.”
Shmuel Chafets, general partner of Target Global, expressed delight in adding FUSE Autotech to its mobility fund to transform the automotive industry and added, “We began this journey with Auto1, which has grown into Europe’s largest wholesale platform for used cars. Today, FUSE’s innovative solutions are reinventing the financing segment of the industry and bringing tremendous added value for dealerships on a path that is set up for rapid growth.”
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