"The new financing will be used to allow DRIVIN to accelerate growth with current dealer partners, while establishing new relationships with dealers across the country," said co-founder and CEO Kayne Grau. "This line of financing gives DRIVIN the ability to acquire vehicles faster on behalf of our dealer partners, ensuring we get the right vehicles, while speeding the transaction and delivery time for partners."
Founded in 2015, DRIVIN uses advanced data analytics to help automotive dealers ensure that their used car lots contain the right mix of cars to optimize sales. Dealers can use the company’s desktop application and accompanying mobile app to source and sell cars, as well as to track their current inventory.
The funding will help DRIVIN boost its sales efforts while maintaining relationships with current customers. The company will also be launching a new service, the DRIVIN Marketplace, this fall.
"DRIVIN Marketplace is the industry’s first intelligent marketplace that allows dealers to buy and sell inventory to create their optimal lot," Grau said. "Dealer partners have the ability to remarket inventory to thousands of dealers buying right now, and search DRIVIN’s entire inventory of pre-negotiated inventory to fill open spots."
Since its founding last year, DRIVIN has already raised $24 million — most recently $7.5 million from Lightbank and Columbus Nova Technology Partners this May. The company also swept up the 2016 Moxie Award for Best New Startup in June.
At the time of its last funding, DRIVIN was already working with 500 car dealerships.
"Silicon Valley Bank is pleased to partner with DRIVIN to support the company's continued growth," said Dennis Grunt, Managing Director for Silicon Valley Bank in the Midwest in a statement. "DRIVIN has achieved impressive growth in a short period of time and is guided by a leadership team focused on innovating and disrupting one of the country's largest industries. Our objective is to provide DRIVIN with the right financing, connections and services to achieve continued success."
Image via DRIVIN.