AutoLeap, a software startup based in Toronto, has raised $18 million in Series A funding to revolutionize the auto repair industry.
The round was led by Bain Capital Ventures with participation from Threshold Ventures, which led the seed funding round. The new capital brings the total funding raised by the startup to $24.3 million and will allow it to expand its presence in the industry by boosting the development of new features, improving customer experience, and attracting top talent from around the world. Ajay Agarwal, Partner at Bain Capital Ventures, referred to the startup’s impact by stating:
“Rameez and Steve have picked a segment which has historically been ignored by the high-tech industry. With approximately 300,000 auto repair businesses in North America, we’re very excited about partnering with AutoLeap as it helps these businesses go to the next level.”
AutoLeap is a startup founded in 2019 that provides an all-in-one, cloud-based auto repair shop management platform to allow shop owners to manage and grow their businesses in a more effective and cost-efficient manner. The startup is led by a founding team of repeat entrepreneurs who launched, scaled, and exited FieldEdge, one of the most popular field services management platforms. Steve Lau, Co-founder and Co-CEO at AutoLeap, referred to the startup’s mission by saying:
“AutoLeap is on a mission to transform the lives of auto repair shop owners. These blue-collar, typically non-tech-savvy folks are hardworking, salt-of-the-earth type people who deserve better technology. By reducing their administrative burden by tens of hours a week and driving more revenue, they can now go do things like see their kids’ baseball games and finally begin to enjoy the fruits of their labor.”
At present, thousands of auto repair shops are still operating by using manual processes for invoicing and auto repair estimates, an approach that is highly inefficient and increases the chances of errors. With its auto repair software, the software startup is looking to make a significant contribution to the auto repair industry to empower business owners to adapt their business models.