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Modal Raises $15M Funding in Series A

Today, we’re excited to announce that Modal has raised funding of $15 million, with American Honda leading the round and participation from existing investors, including Pegasus Tech Ventures, Bullpen, GMO Venture, Khosla, K Fund and more. This funding enables us to rapidly scale our team to develop new e-commerce technologies and further streamline the online transaction and ownership experience, including finance, insurance, contract, and service.

Enabling contactless transactions

Now more than ever, delivering a frictionless online-buying experience is critical to automotive brands' and dealers' success. This year, Modal has experienced a surge in demand, which has generated a 700 percent increase in online-checkout customers.

Modal's optimized design fits seamlessly inside a dealer's or brand’s existing web pages, while increasing sales profits by up to 80 percent. Buyers can complete full purchases online, including upsells, trades, payment design, and real-time finance and lease approval.

“Modal delivers the best consumer experience, which is what sets it apart. It’s designed with the buyer in mind. We’re selling an average of 30-40 cars per month with Modal. Earlier in the year, we were even earning 25% more back-end profit on Modal orders.”
-  Luke Moore, Digital Experience Manager at Bob Moore Automotive Group

Teaming up with American Honda

Modal and American Honda began collaborating in late 2018, to create a branded online buying experience for Honda and Acura. These tools are integrated with dealer websites and inventories, enabling customers to quickly select a vehicle and secure financing from select lenders, including Honda Financial Services and Acura Financial Services.

Honda Xcelerator, an open innovation program that facilitates win-win partnerships between start-ups and Honda business units globally, supported the collaboration between American Honda and Modal. Modal was a featured start-up in Honda’s display at CES 2020.

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Where to next?

“Our new financing will allow us to further distinguish our offerings and customer experience as an industry innovator. Working with leading brands such as Honda and Acura has been our vision since launching five years ago, and we cannot wait to show more dealers and brands the power of Modal’s e-commerce design and technology.”
- Aaron Krane, CEO and Founder of Modal

The capital will be used to scale Modal’s team to develop new e-commerce technologies and further streamline the online transaction and ownership experience, including finance, insurance, contract, and service. See you down the road! 

You can find the official press release here

Are you interested in partnering with Modal?

Get in touch with our consumer experience experts to schedule a demo of our digital commerce solutions. See how you could be delivering contactless transactions that buyers love, while driving better results for your business.

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About Author

Modal
Modal

Modal provides transparent digital commerce for the world’s leading auto dealers and brands. Its products are designed to act as transparent transaction layer that fits into a merchant’s existing experience. In an industry full of automotive insiders, Modal brings an outsider’s perspective to technology and design, having led efforts at technology companies like Google, Oracle, Facebook, LendingClub and more. Modal’s investors helped start companies like Paypal, Facebook, Tesla, Lyft, SpaceX, and more. For more information, visit modalup.com and follow them on Twitter, Facebook, Instagram, and LinkedIn.

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