USA: Openbay Secures Series A Financing For The Automotive Aftermarket Industry

USA: Openbay Secures Series A Financing For The Automotive Aftermarket Industry

Shell Ventures LLC led the round with participation from existing investor Stage 1 Ventures

An award-winning online marketplace for automotive repair and services, Openbay, which also offers SaaS based solutions for the automotive aftermarket industry, has concluded an $8M Series A round of financing. This is with participation from existing investor Stage 1 Ventures, though Shell Ventures LLC led the round, along with and an additional strategic investor. For businesses that provide automotive repair services, the new round will be used to bring to market artificial intelligence (AI) enabled solutions, and to grow existing and new markets across all its offerings.

Enabling consumers to conveniently locate automotive service providers, Openbay provides an online marketplace, allowing price quotes for services and transaction for automotive maintenance services.

Rob Infantino, founder and CEO of Openbay, said, “Openbay’s vision has not changed since its inception; fundamentally improve the experience for automotive repair and services for consumers, and the way that automotive care businesses acquire and service customers. Consumers expect their interactions across websites, social platforms, mobile and messaging apps to be engaging and interactive. This requires natural-language processing, machine learning and predictive analytics. With fresh capital and depth of the resources our strategic and global investors bring to Openbay, the company is now well positioned to grow and expand its offering globally.”

Digital and services partnerships provide exciting prospects and new revenues for Shell’s Marketing businesses,” said Huibert Vigeveno, Executive Vice President for Global Commercial, Shell. “Understanding customer needs and reducing customer friction is at the heart of our thinking. We scan the market for emerging technology trends and look for disruptive or transformational technologies, and investing in promising technologies such as Openbay is very much part of our future growth strategy.” PWKD27062018

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