LONDON, January 15, 2019 /PRNewswire/ --
MotorK (https://www.motork.io/), the company that is disrupting the entire European automotive distribution industry, has closed a €30 million loan from the European Investment Bank. With this significant financing, the prestigious EU institution has committed to support the company, which it considers an important European digital innovation player and a reference point for automotive companies in Europe.
The funding will be used to support MotorK's R&D activities and business growth. The company, which has offices all around Europe, has developed one of the biggest digital technology R&D departments in Italy, with over 100 people. With the help of this financing MotorK will strengthen its team and grow its industry leading tech solutions for car manufacturers, dealers and other operators linked to automotive industry.
The terms of the funding are tied to the technological growth of the scaleup: the €30 million facility will be an important part of the resources that MotorK will invest in digital projects for the automotive industry over the next five years. The scaleup has pledged to invest 75 million euros in its R&D department, and to continue to take its technology all around Europe.
Founded in 2010, MotorK established itself as a trusted partner to more than 90% of car brands in the European marketplace: its data science knowledge and cutting-edge competencies related to machine learning, artificial intelligence and analytics allow MotorK to give its clients a better understanding of the latest automotive market dynamics.
The company has already developed a wide range of products for the automotive industry. DriveK is the largest new car marketplace in Europe and is addressed to B2C market; DealerK, a SaaS platform for car dealers, gives thousands of European operators the tools and technologies to bolster digitization processes and improve sales; Internet Motors, a digital automotive event network in EMEA - allows the company to radically advance the European distribution market. The rapid growth allowed the company to widen its activities in Europe: headquartered in London, MotorK has offices in Italy, Spain, France, Germany and United Kingdom.
The funding from the EIB comes one and a half years after the company's first round of Series A private equity investment worth $10 million from two international funds, 83North and Zobito.
MotorK Press Office:
Vittoria Giannuzzi, press@motork.io, +39-392-9252595
