MotorK, a European automotive scaleup, closed a €30m loan from the European Investment Bank.
The terms of the funding are connected to the technological growth of the company. The €30m facility will be an important part of the resources that MotorK will invest in digital projects for the automotive industry over the next five years. MotorK has pledged to invest €75m in its R&D department, and to continue to take its technology all around Europe.
Founded in 2010, MotorK is a software company providing in-cloud solutions to automotive car manufacturers, dealers and final customers. The company,
headquartered in London, with offices in Italy, Spain, France, Germany and United Kingdom, offers:
– DriveK, a new car marketplace for original equipment manufacturers, OEMs in Europe;
– DealerK, a SaaS platform for car dealers, which gives thousands of European operators the tools and technologies to bolster digitization processes and improve sales;
– Internet Motors, a digital automotive event network in EMEA – which allows the company to advance the European distribution market.
The funding from the European Investment Bank comes one and a half years after MotorK’s first round of Series A private equity investment worth $10m from two international funds, 83North and Zobito.