Due in part to its expansion into France and Italy, revenue at Madrid-based Motoreto is set to increase by 260% to €12 million ($12.8 million U.S.) in 2022, founder and CEO Marco Conde (LinkedIn profile) told EuropaPress. He added that these two countries would account for 10% of the company’s revenue during the year.

Motoreto’s revenue is derived from the sale of vehicles in dealerships and from various software-as-a-service offerings that help dealers to digitize their operations. It is currently working with around 2,000 dealers across these three markets.

Last month, Motoreto revealed that it was seeking a new round of financing to “transform the supply chain, expand its sales team and digitally transform the sector.” 

“We are closing an expansion that will allow us to maintain the rate of growth and do so through an efficient expansion, as we have been demonstrating up to now,” Conde told EuropaPress. 

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