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§ Private Profile · San Francisco, CA, USA
Digital commerce platform for auto sales, enabling real-time financing and digital documents for auto brands and dealer groups.
Drive Motors, which has since rebranded to Modal, is a San Francisco-based software company that develops digital commerce platforms for automotive dealerships and brands to facilitate online and in-store vehicle sales. The enterprise software-as-a-service platform provides integrated tools for real-time financing, digital document processing, and direct point-of-sale operations across large auto retailer networks. Operating with a workforce of 10 to 50 employees, the company processes substantial transaction volumes, reaching over $1.8 million in monthly volume per average store and exceeding $10 million monthly for top retail locations by 2018. The startup completed the Y Combinator accelerator program and subsequently secured a $5.2 million seed funding round in 2019 backed by prominent institutional investors including Khosla Ventures, Peter Thiel, Bullpen Capital, and Ally Financial. Drive Motors was originally founded in 2015 by Aaron Krane.
Drive Motors has raised $6.7M across 2 funding rounds.
Drive Motors has raised $6.7M in total across 2 funding rounds.
Drive Motors has raised $6.7M across 2 funding rounds. Most recently, it raised $5.2M Seed in August 2017.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Aug 2, 2017 | $5.2M Seed | Duncan Davidson | Emagen Entertainment, Khosla Ventures, Perkins Coie, Aaron Harris | Announced |
| Feb 11, 2016 | $1.5M Seed | — | GIL Penchina, Khosla Ventures, Propel, Y Combinator | Announced |
Drive Motors has raised $6.7M in total across 2 funding rounds.
Drive Motors's investors include Duncan Davidson, Emagen Entertainment, Khosla Ventures, Perkins Coie, Aaron Harris, Gil Penchina, Propel, Y Combinator.