DriverSide, a San-Francisco based website, announced today that it raised a $5.3 million series B round, bringing the company’s total venture capital funding to $8.4 million.
DriverSide is a site for people to keep on top of car maintainance, get estimates on costs of repairs as well as learn other tid bits. This round was led by new investor Allegis Capital, with participation from original investor Catamount Ventures.
The company will put the money towards projects that earn them money, like partnerships with automotive services companies hoping to reach customers as well as further product development. While the nation slogs through a recession, DriverSide CEO, Jad Dunning said in the release his company is well positioned. “The auto industry is in a crisis far deeper than they could have imagined as consumers hold on to their current vehicles longer and longer,” said Jad Dunning, CEO of DriverSide. “As a Web site dedicated to helping drivers get the most out of their current cars, we’re in a unique position of strength during the automotive downturn.”
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