Rodo Completes $18 Million Series B Financing Led by Holman Enterprises and Evolution VC Partners
Participation from Kevin Hart’s HartBeat Ventures and auto industry veterans position Rodo’s on-demand vehicle marketplace for rapid growth
Rodo, Inc. a company transforming the car buying process announced that it closed an $18 million Series B financing round led by Holman Enterprises and Evolution VC Partners. The round also includes participation from existing investor IAC along with Kevin Hart’s HartBeat Ventures and auto industry veterans Mack McLarty, Vice Chairman of RML Automotive, and Franklin McLarty, Chairman and CEO of McLarty Diversified Holdings and Ken Schnitzer, former Chairman of Park Place Automotive Group. The latest round brings Rodo’s total funding to $45 million as the company prepares to scale its dealership network nationwide and invest in marketing and customer acquisition.
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Rodo is the only end-to-end solution where a consumer can lease or purchase a new car (or sell an old one) in minutes with same-day delivery service. Rodo does not buy or maintain expensive fleets or inventory, instead it partners with local dealers across the US, extending dealerships’ digital reach while offering consumers an on-demand experience to instantly lease, purchase, and finance a new vehicle, entirely from their mobile device. Rodo’s partner network counts more than 1,200 dealerships across ten states and offers more than 80,000 vehicles from 25 manufacturers for immediate lease or purchase via the Rodo app or website.
“The Rodo experience is disrupting the traditional new car experience for consumers while digitally extending the rooftops of its dealer-partners,” said Bill Cariss, President & CEO of Holman Strategic Ventures, who will join the Rodo board. “Rodo’s intuitive, easy-to-use platform offers consumers the convenience of selecting a vehicle with complete transparency into their payments in seconds—all at the most competitive price in the market.”
Last year marked a period of explosive growth for Rodo as the pandemic squeezed the auto-market and consumers sought out contactless car buying options, competitive pricing, and new avenues for inventory. The company witnessed rapid growth in the last two years with revenue and volume surging more than 10x, and now forecasts 2021 to grow by more than 500% off a record 2020 with forecasted GMV projected to exceed $1 billion.
“We’re thrilled to welcome some of the auto industry’s most respected veterans as strategic partners. Together, they have produced billions of dollars in car sales across hundreds of dealerships and are the perfect partners to help accelerate our growth plan,” said Nathan Hecht, CEO, Rodo.
Robert Roman, President of Kevin Hart’s Fund, HartBeat Ventures, added, “Our team is passionate about cars and want to support platforms with transparency and an easy-to-use format that gives power back to the consumer. We believe Rodo does this. It’s a game changer!”
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