A new venture capital fund will invest in early- stage technology intended to help dealerships operate more efficiently — using money raised from dealers themselves.
Automotive Ventures, which provides consulting resources and venture capital to automotive entrepreneurs, is launching DealerFund, with plans to raise $50 million from about 50 dealer investors who ideally represent at least 1,000 dealerships, Automotive Ventures CEO Steve Greenfield told Automotive News.
To date, it has raised slightly more than $10 million from 11 investors, and Greenfield expects to close a first round of funding by the end of April and begin making investments at that point.