9 months after asserting a $5 million seed spherical, Toronto auto restore software program firm AutoLeap is again with $18 million in Collection A funding, this time led by Bain Capital Ventures.
Becoming a member of Bain within the spherical is current investor Threshold Ventures, which led the seed spherical, to provide the corporate $23 million in whole funding.
Co-CEO Steve Lau instructed FiratNews that AutoLeap is bringing the auto restore store into the twenty first century by lowering the double- or triple-entry store house owners usually must do by the digitization of their workflow — buyer quoting, invoices and job estimates — and the processing of all of that within the backend accounting. It additionally offers a gross sales and advertising part by way of buyer relationship administration, scheduling by way of app, buyer texting or emails and on-line opinions.
Because the seed spherical and launching final yr, the corporate has grown “effectively past expectations, Lau mentioned. From a staff perspective, the corporate has grown 5 occasions and elevated 10 occasions in buyer base. Income additionally continues to develop month over month.
“We’re extra satisfied in regards to the market alternative and our slot in it,” he added. “One in every of our first clients additionally not too long ago shared that within the first 10 months of utilizing AutoLeap, his store doubled its income. That is having an actual influence of their lives.”
Rising a enterprise is second nature to Lau, who with co-CEO Rameez Ansari spent 4 years because the co-CEOs of FieldEdge, a SaaS firm that helps contractors run their small companies. They grew the corporate to 200 staff in over three years, which allowed them to hit the bottom working with AutoLeap, Lau mentioned.
The corporate’s staff is unfold out in Canada, the U.S. and Pakistan. Most of its clients are within the U.S. — 85% — with the remaining in Canada.
Lau estimates that the automotive aftermarket is a $700 billion business, with 1 million technicians and 300,000 retailers.
“We’re solely within the second inning of this market transitioning from pen to digital,” he mentioned. “A lot of the brand new capital will likely be used to seize that market alternative and rent a world-class staff to assist us put out a greater product and customer support.”
He expects to triple AutoLeap’s workforce within the subsequent 12 months and will likely be specializing in creating a various worker base.
Ajay Agarwal, associate at Bain Capital Ventures, mentioned by way of e mail that “small companies are the spine of our financial system” and as seen in different sectors, like shopper manufacturers, eating places and retail, enterprise house owners are looking for fashionable cloud software program that permits them to stay aggressive and ship a greater expertise for patrons.
“We couldn’t be extra excited to associate with Steve and Rameez as they sort out the big alternative of serving to the 300,000 impartial auto restore retailers transfer their companies into the digital age,” Agarwal added. “AutoLeap is bringing a mixture of a complete SAAS platform with embedded funds and a market to auto restore retailers, one of many final verticals but to make the leap to the cloud.”