April 17, 2014
This morning, the Center for Innovative Technology announced that it closed an investment in DC-based startup Urgent.ly through its CIT Gap Funds. The funding constitutes part of the company’s seed round, according to Chris Spanos, the cofounder and CEO of the on-demand roadside assistance startup.
“Each year, we are seeing more entrepreneurs like the experienced team at Urgent.ly develop innovative ideas that solve problems and create opportunities,” said CIT President and CEO Pet Jobse in a statement. “The innovation and experience that they offer is what we seek when making CIT GAP Funds investments.”
CIT GAP Funds is a mixture of seed- and early-stage investment funds that make near-equity and equity investments in Virginia-based tech companies. Urgent.ly operates its seven-person team out of AOL’s Fishbowl Labs in Dulles, VA, and other participants in the round include Blu Venture Investors, as well as various local angel investors.
“Our mission is to provide the most transparent, quickest, and safest way to provide [roadside] assistance when you need help,” said Spanos. “Today’s solutions are broken, and we’ve got one solution to fix that.”
Urgent.ly’s app provides real-time information on on-demand roadside assistance services (i.e., towing services). Through the app, users can locate the nearest available help, track how long assistance will take to get to them, and even pay for the service directly through their phones. “The number one concern for people is: how fast are they going to get help, and how quickly can they get back on the road? And the second [concern] is: ‘Am I safe?’ [Urgent.ly] is revolutionizing roadside assistance by solving both,” said Spanos.
“We’re excited to have the support of our investors to bring this online revolution to roadside assistance.”
With this seed funding, Urgent.ly hopes to expand its presence in the DC market and other markets. They also want to focus on enhancing the product experience; currently, they offer a mobile web app, but plan to release a native mobile app in the upcoming months.
Did you like this article?
Get more delivered to your inbox just like it!