Raises $850k in Seed Funding

According to TechCrunch (read here), a Pittsburgh, PA-based service that allows users to compare offers for new and used cars from local dealers, raised $850k in seed funding.

The round was led by European online car marketplace AutoScout24, with participation from T-Venture, Innovation Works, as well as local angels and investors.

The company intends to use the capital to hire sales people and engineers and expand nationwide.

Founded in December 2010 by CEO Michael Pena, AutoRef allows users to Browse new and used vehicles from a network of over 5,000 dealerships nationwide, to compare cars and get offers. After submitting basic information, the service will send users an email with a link to the Offers Page, where they can see in real time as dealers compete for the business.



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