Milan, Italy-based automotive sales and marketing technology business MotorK has secured north of €10 million in debt and equity funding in a round led by Real Web, the holding company behind a number of online marketplaces in Europe in the real estate, beauty and local services verticals.
Illimity, the Italian high-tech bank specialised in SME credit, provided the debt facility. They join 83North and Zobito as backers of the company, which also received a €30 million credit line from the European Investment Bank at the end of 2018.
MotorK says the fresh financing will allow it to fast-track the release of new cloud-based tools to car dealerships and manufacturers. Founded in 2010, MotorK says it has worked with over 1.500 dealerships and 90% of the car manufacturers operating in the European market.
Outside of Italy, the Milan company is active in Spain, France, Germany and the UK.
"We are proud to have received this important funding, at this moment in time, a sign that the market has recognized the solidity of our business model and our ability to deliver innovations to serve the entire automotive supply chain," said Marco Marlia, co-founder and CEO of MotorK.