AlgoDriven, a leading Dubai-based automotive data platform, has successfully raised $2 million in a Series A funding round. The round was led by Global Ventures, the Dubai-based international venture capital firm.
Other participating investors included Automotive Ventures, an Atlanta-based venture capital firm – for whom AlgoDriven is its first international investment – Spartech Ventures, otf Wadi, Driven Capital Partners and DTEC Ventures.
Proceeds will be used to expand the company’s reach globally into new regions and increase penetration in existing markets such as the MENA region and Australia. The company’s enterprise product line will continue to be built out for banks, insurance, classifieds, and inspection companies – to increase functionality. AlgoDriven’s tools already help value assets for loans, insurance policies, price vehicle subscriptions and leases.
Glenn Harwood, co-founder at AlgoDriven, commented “We’re excited to be partnering with Global Ventures for the next chapter of our journey. We have seen strong growth in demand for our automotive data and software over the last few years both regionally, and in the international markets we operate in. As trends such as ecommerce and new ownership models continue to transform the automotive industry, we expect demand for our vehicle data, pricing, and appraisal software to continue to increase.
“The wealth of experience that Noor, Basil, Simon and the entire team at Global Ventures have in the B2B space made them an excellent choice to partner with as we continue to scale.”
