Madrid-based Motoreto, an online platform that works with used-car dealers to help them drive sales, has raised €1.4 million ($1.5 million U.S.) in a seed funding round. Apart from its native Spain, the company also operates in France and Italy.
Participants in the funding round included OK Venture, Grupo Andrés, First Drop VC, Fides Capital and Core Angels Lisboa, in addition to a number of angel investors, including SwipCar founder Julio Ribes.
According to Motoreto, which was founded in 2017, it is now working with more than 3,000 dealers, including more than 900 in Italy and 400 in France. It had revenue of €12 million in 2022, up 300% year on year.
Motoreto founder and CEO Marco Conde (LinkedIn profile) said: “The round will allow us to continue developing our all-in-one technological solution so that dealers and distributors can continue growing their business more efficiently and 100% online.”
He added that it would also help to accelerate the company’s expansion into other European markets.
“With Motoreto, a dealer multiplies their access to stock by ten, reduces their fixed costs by 30% and can be 15 times more efficient thanks to the digitization of all retail processes,” Conde noted.