Great news from our friends at AutoDeal.com.ph. You know, the Philippines’ largest automotive portal -slash- car buying website -slash- online vehicle marketplace for both brand new and used cars. They recently scored a AUD$ 3.1 million investment from Frontier Digital Ventures (FDV) who happens to be a leading operator of online classifieds businesses in frontier and emerging markets.
That’s roughly US$ 2.34 million, or P115.95 million. Yup, that’s a lot of money.
You do have to understand that this huge sum of cash will be invested back into AutoDeal. It’ll be used to further develop their core product and significantly step up marketing plans, solidifying their position as the market leader. They also plan to leverage FDV’s expertise in online classifieds to help them win the used car market by 2018.
“AutoDeal is a very exciting investment for FDV given the promising Philippine market. We see a clear path for AutoDeal to leverage our experience in other markets as it seeks to extends its leadership across both new and used car sectors,” said Shaun Di Gregorio, FDV Founder and CEO.
AutoDeal has pioneered the new car buying experience in the Philippines since they started in 2014. They provide car buyers with tools to shop and compare vehicles, find special offers, and connect with more than 350 partner dealers nationwide.
AutoDeal works both with car brands and dealer groups by providing them lead generation and lead management service. One of they key defining features is the ability for partners to track real world transactions that occur on the website.
“In addition to enhancing our existing product features we’ll also be using the funding to further expand into used cars and to open several new automotive sub-verticals. This new investment from FDV marks a new chapter in our company’s journey and will help us further solidify our stance as the no. 1 automotive portal in the country,” stated AutoDeal co-founder and Chief Executive Officer Daniel M. Scott.
From their first seed funding from Future Now Ventures in 2014, AutoDeal’s traffic has now grown to more than 1.6 visitors a month making them the Philippines’ no. 1 online automotive portal. As for FDV, their investment into AutoDeal marks the company’s first venture in the Philippines.
AutoDeal was launched in 2014 by founders Daniel M. Scott and Christopher L. Franks.