Caribou (formerly MotoRefi), a Washington, DC- and and Denver, CO-based auto fintech enabling people to take control of their car payments, closed $115 million in Series C funding round, which brings the valuation to $1.1 billion.
The round was led by Goldman Sachs Asset Management (Goldman Sachs), with participation from new investors, including Innovius Capital and Harmonic, as well as existing investors, including Accomplice, CMFG Ventures, Curql Fund, Firebolt Ventures, Gaingels, Moderne Ventures, Motley Fool Ventures and others.
The company intends to use the funds to continue its growth trajectory by investing in its platform, innovative new products and continuing to expand the team.
Led by CEO Kevin Bennett, Caribou partners with lenders, like credit unions and community banks, to bring customers cheap rates and monthly payments. Now, in addition to auto refinance, customers can discover more potential savings through the company’s new digital insurance marketplace. Caribou, incubated by QED Investors, is expanding its services across the auto financial landscape, recently launching its digital car insurance marketplace.
The Series C round brings the total funding Caribou has raised to more than $190 million since the company’s founding in 2016.