Melbourne-based AutoGrab has secured USD$55.3 million in a Series B funding round, elevating its valuation to $159 million. The investment, led by the UK's Octopus Ventures and New Zealand's Movac, will fuel the company's international expansion plans. AutoGrab provides an AI-driven data intelligence platform for the automotive sector, often likened to a Bloomberg terminal for the industry.
A Strong Foundation in the Australian Market
AutoGrab has established a dominant presence in its home market, serving over 1,000 dealerships nationwide. This customer base represents nearly a quarter of the entire Australian dealership market. Furthermore, the company has become essential infrastructure for the motor insurance industry, with 90% of insurers using its data for total loss settlements.
The company's influence extends to consumers through a recent partnership with the Commonwealth Bank of Australia. This collaboration provides dealer-grade data and AI-powered tools to more than 10 million retail banking customers. This strategic move significantly broadens access to transparent information on new and used vehicle inventory across the country.
Fueling International Expansion
With the new capital, AutoGrab is set to accelerate its growth across the United Kingdom and Europe. This strategic push is being led by co-founder and co-CEO Chris Gardner, who has relocated to London to oversee the expansion. The funding will also support continued investment in product development and engineering for the Asia-Pacific region.
The company's global ambitions are further supported by an exclusive strategic partnership with JATO Dynamics, a world leader in automotive data. This alliance enhances AutoGrab's data capabilities as it enters new, highly competitive markets. International revenue already constitutes a significant portion of the company's business, demonstrating early success in its global strategy.
Addressing a Complex and Evolving Industry
The global automotive market is undergoing a significant transformation, driven by the rise of online sales and an influx of new EV and Chinese brands. Co-CEO Daniel Werzberger notes that this increasing complexity requires world-class intelligence to optimize the sales journey. AutoGrab's platform is designed to solve these challenges by providing sophisticated, on-demand data and analytics.
For years, insurers and dealerships have relied on partial data and manual processes for vehicle valuation. AutoGrab's technology removes this ambiguity by precisely identifying a vehicle's exact specifications and market context in seconds. As Chris Gardner stated, this granularity and accuracy provide a new competitive advantage in an industry where historical data is increasingly unreliable.
Investor Confidence and Strategic Vision
The funding round reflects strong investor confidence in AutoGrab's growth strategy and execution. Adam Said of Octopus Ventures highlighted the company's impressive momentum in the UK over the past year as a key factor. He noted that the team has secured strong strategic partners and demonstrated that the market shares the same dynamics that fueled its Australian success.
Movac partner Fi Foster praised the company for its sophisticated data platform and top-tier capital efficiency. She emphasized that AutoGrab's ability to deliver value across multiple verticals and geographies provides rare levers for growth. This maturity in building sustainably while knowing when to accelerate was a significant draw for the New Zealand-based venture capital firm.
This $55.3 million investment marks a pivotal moment for AutoGrab, transforming it from a successful Australian startup into a formidable global player. The funding validates its powerful data intelligence platform and provides the resources to capture significant market share in Europe and beyond. As it expands internationally, the company remains committed to strengthening its leadership position in its home market of Australia.