New investment from auto industry veterans and Kevin Hart’s HartBeat Ventures positions Rodo’s on-demand vehicle marketplace for rapid growth
DENVER–(BUSINESS WIRE)–Rodo Inc. (“the Company”), a leading online marketplace that facilitates leasing or buying a car in minutes, announced it has closed its oversubscribed Series B financing and secured an additional $18 million in capital. The Presidio Group LLC (“Presidio”), the leading investment bank specializing in mergers and acquisitions, capital raising, and investments in the automotive retail and consumer mobility sectors, served as the exclusive financial advisor to Rodo.
The Series B financing was led by Holman Enterprises (“Holman”) and Evolution VC Partners (“Evolution”). It also includes participation from existing investor IAC/InterActiveCorp along with Kevin Hart’s HartBeat Ventures and auto industry veterans Mack McLarty, Vice Chairman of RML Automotive; Franklin McLarty, Chairman and CEO of McLarty Diversified Holdings; and Ken Schnitzer, former Chairman of Park Place Automotive Group.
“Consumers seek a fast and convenient way to conduct a fully online retail automotive transaction,” said Nathan Hecht, CEO of Rodo. “Our marketplace offers an enormous selection of vehicles, highly-accurate and transparent pricing, and unsurpassed convenience. We are grateful for our lead investors Holman and Evolution and the other investors that will help us continue to build our successful business.”
“The ultimate answer for market-based transactions online is a true marketplace ultimately with millions of consumers on one side and millions of vehicles on the other side,” said Bill Cariss, President & CEO of Holman Strategic Ventures. Cariss continued, “We saw Rodo as the answer to that need in U.S. auto retail.”
Gregg Smith, founder and CEO of Evolution VC Partners added, “We are delighted to see such notable strategic investors with the last names of Holman, Schnitzer and McLarty support our effort to build the dominant vehicle marketplace in the country.”
“Rodo is an innovator in the fast-growing digital auto retailing space that built the first two-sided marketplace in the U.S auto retail channel,” said Brodie Cobb, CEO of Presidio. “The fact that this funding round was oversubscribed shows that investors recognize the demand for Rodo’s technology and see its growth potential as virtually unlimited,” said Keith Style, Managing Director of Presidio.
The company has raised $45 million in funding to date from investors. This additional Series B financing will allow Rodo to scale its network nationwide and invest in marketing and customer acquisition.
The Presidio Group provided exclusive financial advisory services to Rodo through its wholly owned investment bank, Presidio Merchant Partners LLC.
Rodo is transforming how people shop for and sell cars with its ecommerce platform that does not require stepping into a dealership using its proprietary “Instant Quote” technology. Leveraging thousands of dealer partners nationwide, Rodo puts tens of thousands of vehicles in the hands of consumers with transparent, best-in-market pricing, and personalized concierge service, including free delivery and pick-up. Dealership partners trust and use the Rodo platform to provide their consumers with an elegant digital extension of their physical locations.
Rodo was founded in New York in 2016 as “Honcker” by Nathan Hecht and the company has been backed by IAC/InterActiveCorp and Evolution VC Partners. For more information, please visit Rodo.com.
Founded in 1998 with the simple mission to relentlessly put the interests of our clients first, Presidio has steadfastly adhered to this philosophy and earned the trust of clients throughout the United States. During their careers, the professionals at Presidio have collectively closed more than 200 transactions totaling over $13.5 billion. It also publishes Presidio’s Where the Rubber Meets the Road, a leading source of information about the automotive retail landscape and the automotive retail M&A environment. The Presidio Group has offices in Denver and Atlanta. Presidio Merchant Partners LLC is a subsidiary of The Presidio Group LLC and is a member of FINRA and SIPC. For more information on Presidio, visit www.thepresidiogroup.com.
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