Carmigo, a Tupelo, Miss.-based online marketplace connecting individuals looking to sell their vehicle with car dealers, raised $7M in funding.
The round, which brings the total investment to $10m since its launch in January 2021, was led by Southern Bancorp with participation from Advantage Capital.
The company intends to use the funds to continue building its marketplace, furthering product development to enhance buying capabilities for dealerships and the selling experience for individual sellers, and to expand its team.
Led by CEO Andrew Warmath, Carmigo is an online vehicle marketplace connecting individual sellers with dealers in a one-day auction.
The consumer enters car’s information on the site and get a free estimate on the value of the vehicle. The web app will guide the user through building a car’s profile. Enter a few details, take 13 preset pictures of the car, and then set the reserve price. All auctions are 24 hours or less and users can watch the auction live from their phone throughout the day.
The company currently has about 30 employees.
FinSMEs
17/08/2022