Rodo Completes $18 Million Series B Financing Exclusively Advised by The Presidio Group
Rodo Inc. , 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.