Investments

Dubai’s AlgoDriven raises $625,000 Pre-Series A to help car dealers and insurance companies accurately identify and price used cars

AlgoDriven, a Dubai-based B2B automotive data startup has raised $625,000 from Oman Technology Fund, Dubai-based Dtec Ventures, 500 Startups (500 Falcons), and Silicon Valley-based Social Capital, the startup announced earlier this week.

Founded by Glenn Harwood and Jaron Crossland in 2017, AlgoDriven that operates in GCC, Australia and New Zealand has developed different products to make it easy for car dealers, banks, and insurance companies accurately identify and price used cars.

Its vehicle appraisal system that comes with mobile apps, desktop dashboard, and integrations to existing software and website plugins, is used by car dealers to do complete data-driven car appraisals and enables sales teams of dealership trade more cars with the help of tools and data. AlgoDriven’s enterprise products are used by banks and insurance companies to accurately price assets (vehicles).

Glenn Harwood, co-founder and CEO of AlgoDriven, speaking to MENAbytes about how they plan to use the latest investment, said, “We’re in the process of rolling out some exciting new features in our mobile apps, and new data points in our API products to add even more value to our products. Further, we’re ramping up sales and marketing in the MENA region.”

“New product innovation is a key focus of AlgoDriven, which will help car dealers, banks and insurance companies evaluate used cars more accurately. International expansion is also a key focus over the coming months, as AlgoDriven pushes into the wider MENA market and beyond,” the startup added in the statement.

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