Fintech Platform FUSE Autotech Raises $10M in Series A Funding Led by Target Global
Investor base brings together leading experts from online car industry unicorns
FUSE Autotech, a fintech software platform that redefines the car buying process, today announced the completion of its $10 million Series A round of financing, led by Target Global with participation from PICO Venture Partners, Christopher Muhr, former COO of Auto1 (FSE: AG1), and Escavel Capital. This new round of funding will be used to expand FUSE's product and R&D teams.
"We are excited to complete this round together with leading auto industry software experts whose significant experience adds enormous value as we scale our company," said Colton Ray, FUSE Autotech's CEO. "The investment will allow us to expedite development and focus on expansion."
In 2020, auto loan balances hit $1.36 trillion, yet there is a large digital gap in the automotive financing industry. FUSE is a SaaS business platform that automates the entire automotive purchase and finance experience with a cloud-based AI predictive finance management system. FUSE's fintech software platform enables dealerships to convert more deals with higher margins, while providing consumers with a fully automated online and in-store shopping journey that improves the customer experience. FUSE Autotech was founded in 2020 by Andrew Walser, CEO of Walser Automotive Group, one of the top 100 dealer groups in the US for both new and used vehicles sold, in partnership with Elie Wurtman, Managing Partner of PICO Venture Partners and co-founder of Vroom (NASDAQ: VRM).
FUSE Autotech currently serves over 100 dealerships in the United States through various FUSE SaaS products. The company is processing nearly $1 billion worth of vehicle transactions per year.
"We are excited to add FUSE Autotech to our mobility fund as we continue to partner with entrepreneurs to transform the automotive industry," said Shmuel Chafets, General Partner and Vice Chairman at Target Global. "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."
"The automotive industry experience is rapidly evolving on all fronts and one of the biggest opportunities is reinventing the finance process into a fully automated omnichannel experience," said Elie Wurtman, Managing Partner at PICO Venture Partners and Executive Chairman of FUSE Autotech. "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."
About FUSE Autotech FUSE Autotech is a Finance Management System (FMS) that consolidates online and in-store technologies for a seamless customer experience from start to finish. FUSE Autotech provides car dealerships one, go-to application that streamlines vehicle transactions, reduces cost to sell, maximizes profits and ensures sustainability. FUSE's easy-to-use, replicable process allows dealership personnel to create and close a deal from start to finish in as little as 15 minutes. Proprietary software combines artificial intelligence, technology integration and process automation to streamline vehicle transactions. With FUSE, dealerships are able to close more deals by empowering their entire sales force to take a customer through a complete transaction - from start to finish. Shoppers are asking for a smarter, faster way to buy a car; FUSE Autotech is the answer.