• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

AutoLeap drives technology for car repair shops with new $18M capital infusion

October 1, 2021 by David Barret Leave a Comment

Nine months after announcing a $5 million seed round, Toronto auto repair software company AutoLeap is back with $18 million in Series A funding, this time led by Bain Capital Ventures.

Joining Bain in the round is existing investor Threshold Ventures, which led the seed round, to give the company $23 million in total funding.

Co-CEO Steve Lau told TechCrunch that AutoLeap is bringing the auto repair shop into the 21st century by reducing the double- or triple-entry shop owners typically have to do through the digitization of their workflow — customer quoting, invoices and job estimates — and the processing of all of that in the backend accounting. It also provides a sales and marketing component via customer relationship management, scheduling via app, customer texting or emails and online reviews.

AutoLeap says it will repair your lousy relationship with car shops

Since the seed round and launching last year, the company has grown “well beyond expectations, Lau said. From a team perspective, the company has grown five times and increased 10 times in customer base. Revenue also continues to grow month over month.

“We are more convinced about the market opportunity and our fit in it,” he added. “One of our first customers also recently shared that in the first 10 months of using AutoLeap, his shop doubled its revenue. This is having a real impact in their lives.”

Growing a business is second nature to Lau, who with co-CEO Rameez Ansari spent four years as the co-CEOs of FieldEdge, a SaaS company that helps contractors run their small businesses. They grew the company to 200 employees in over three years, which allowed them to hit the ground running with AutoLeap, Lau said.

The company’s team is spread out in Canada, the U.S. and Pakistan. Most of its customers are in the U.S. — 85% — with the rest in Canada.

Lau estimates that the automotive aftermarket is a $700 million industry, with 1 million technicians and 300,000 shops.

“We are only in the second inning of this market transitioning from pen to digital,” he said. “A  lot of the new capital will be used to capture that market opportunity and hire a world-class team to help us put out a better product and customer service.”

He expects to triple AutoLeap’s workforce in the next 12 months and will be focusing on creating a diverse employee base.

Ajay Agarwal, partner at Bain Capital Ventures, said via email that “small businesses are the backbone of our economy” and as seen in other sectors, like consumer brands, restaurants and retail, business owners are seeking modern cloud software that enables them to remain competitive and deliver a better experience for customers.

“We couldn’t be more excited to partner with Steve and Rameez as they tackle the enormous opportunity of helping the 300,000 independent auto repair shops move their businesses into the digital age,” Agarwal added. “AutoLeap is bringing a combination of a comprehensive SAAS platform with embedded payments and a marketplace to auto repair shops, one of the last verticals yet to make the leap to the cloud.”

The future of car ownership: Cars-as-a-service

Source Link AutoLeap drives technology for car repair shops with new $18M capital infusion

David Barret
David Barret

Related posts:

  1. Australia central bank to stick with tapering plans, or maybe not
  2. Japan firms see economy recovering to pre-COVID level in FY2022
  3. Air New Zealand studying how to add low-emissions planes to fleet
  4. ECB’s Lagarde flags bottlenecks, energy and virus as key risks

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • “Every Species On The Planet Self-Medicates In Some Way”: How Wild Animals Use Medicine
  • Deepest Complex Ecosystem Ever Discovered 10 Kilometers Below The Sea, 892-Kilometer “Megaflash” Lightning Sets New World Record, And Much More This Week
  • The Life And Death Of David Vetter, The Boy Who Lived His Whole Life In A Bubble
  • Time’s Arrow Within Glass Appears To Go Both Ways, Raising Huge Questions
  • World’s “Oldest Baby” Born From Embryo Frozen In 1994 In New World Record
  • What Can Spain’s “Tunnel Of Bones” Tell Us About The Fate Of Human Species On The Brink Of Extinction?
  • Rhino Horns Go Radioactive As Anti-Poaching Project Gets Off The Ground
  • Manta Rays Officially Get Third New Species – 15 Years After First Suspected
  • “Space Hurricanes” Are Happening At Earth’s Poles – And They Can Affect GPS Signals
  • There Is A Crucial Reason Why We Will Never See The Big Bang Directly With Our Telescopes
  • How Does An MRI Machine Work?
  • Catch A Glimpse Of One Of The World’s Rarest Sharks In Dreamy New Footage
  • A One-Shot Vaccine For HIV Might Actually Be On The Cards
  • Chikungunya Virus Is Spreading In China: As CDC Considers Travel Advisory, Here’s What To Know
  • First-Of-Its-Kind Vagus Nerve Implant Gets FDA Approval As A Therapy For Rheumatoid Arthritis
  • First Time Crystal Made Of “Exotic” Giant Atoms 1,000 times Larger Than Hydrogen
  • Prehistoric Humans Began Eating Tubers 700,000 Years Before Our Teeth Evolved To Do So
  • The World’s Oldest Wild Bird “Surprised” Everyone With A Hatched Chick At 74
  • “Spectacular” New Species Of 40cm Giant Stick Insect May Be Australia’s New Heaviest Insect
  • What Is “Nobel Disease”, And Why Do So Many Prizewinners Go On To Develop It?
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version