SpinCar, a New York City-based provider of digital automotive merchandising software, raised $22m in financing.
The round was led by Wavecrest Growth Partners, with participation from auto and tech industry veterans David Metter and Harpreet Grewal. In conjunction with funding Deepak Sindwani, Managing Partner at Wavecrest Growth Partners, Grewal and Metter joined the company’s board of directors.
The company intends to use the for growth and continued investment in product innovation.
Led by Devin Daly, Co-Founder and CEO, SpinCar provides a digital automotive merchandising software platform which leverages advanced 360° display technology and proprietary behavioral data to allow dealers, OEMs and third-party automotive marketplaces to improve the way they engage with car shoppers. The platform enables immersive, VR-enabled experiences, complete with virtual interior and exterior tours as well as tagged, touchable hotspots that allow consumers to explore key vehicle features in rich detail. By capturing precise vehicle and feature interaction data in real-time, SpinCar enables dealers to personalize every consumer touch based on the specific needs and interests of individual shoppers.
Presidio Technology Partners acted as the financial advisor to SpinCar on the transaction.