April 4, 2014
DC-based Carsquare, a vehicle search engine platform, today announced that it has raised an undisclosed Series A round of funding. In addition, the company recently released version 2.0 of its online search platform.
“We are very excited about the fact that our first investor understands our domain, can offer a great deal of advice and assistance in helping us to achieve our short- and long-term growth goals,” said founder and CEO, Khurrum Shakir, in a press release.
The Series A round was led by Robert G. Hisaoka, an early-stage investor with deep knowledge of and experience in the automotive industry. This funding follows the company’s win at December’s Ballston Bid Launchpad Competition Finale, where they received a prize package totaling approximately $30,000, including a $15,000 cash prize.
Launched in 2012, Carsquare is a search platform that aggregates new, used, and leased vehicle listings from multiple auto sites. Its platform allows prospective automotive buyers to look at all these available listings in one simple interface.
“We are working closely with our technology partners at Microsoft and Optimus BT to develop a host of new features and functionality that will radically change the way you shop for a car in the future,” said Mikah Sellers, Carsquare’s CMO and Interim CTO.
According to the company, Carsquare plans to use the funding for product development, hoping to further improve their search platform. While the most recent version is markedly improved from the initial one, Carsquare plans to continue making improvements in order to provide consumers with a painless, car buying experience. In addition, the funding will be used toward brand development, with the goal of introducing the Carsquare platform to more consumers.
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