SAN JOSE, Calif.--(BUSINESS WIRE)--Pegasus Tech Ventures, a Silicon Valley-based global venture capital firm has invested in Modal’s $15M Series A round. Modal provides e-commerce to the world's leading automotive dealers and brands, integrating directly into a dealership’s website as an embedded feature that enables users to complete the entire transaction cycle. Modal’s platform has not only created accessibility to digital transactions, but also is building the ultimate ‘multimodal’ channel to introduce an entire ownership operating system. This additional investment was through one of Pegasus' Venture Capital-as-a-Service (VCaaS) funds.
Pegasus Tech Ventures’ unique (VCaaS) model provides an optimal mix of capital and business value to startups through its corporate funds network. Its dynamic model enables win-win for innovative startups, as well as global corporations.
“We are excited about the future of Modal; it has the potential to significantly disrupt the automotive dealership industry and create lasting positive change for consumers,” said Anis Uzzaman, CEO & General Partner of Pegasus Tech Ventures. “We look forward to generating great collaborations between Modal and our corporate network.”
“Partnering with investors like Pegasus Tech Ventures enables us to further distinguish our offerings and customer experience as an industry innovator,” said Aaron Krane, CEO and founder of Modal. “They have built a reputation for investing in emerging technology companies who are industry disruptors, and we are proud to have them participate in our latest round of funding.”
Pegasus’ unique model of collaboration benefits everyone in the innovation global ecosystem. To learn more about the model and portfolio companies, please visit www.pegasustechventures.com
ABOUT PEGASUS TECH VENTURES
Pegasus Tech Ventures is a global venture capital firm based in Silicon Valley with $1.5 Billion in Assets Under Management, that offers intellectual and financial capital to emerging technology companies around the world. In addition to a more traditional investment approach, Pegasus also offers a unique Venture Capital-as-a-Service (VCaaS) model for large, global corporations that wish to partner with cutting-edge technology startups. Some of the 35+ corporate partners that have signed up to work with Pegasus include ASUS, Aisin, SEGA, Sojitz, and more. Through Pegasus, these corporations have been able to invest into 180+ companies such as SpaceX, 23andMe, SoFi, Bird, Color, App Annie, and many more.
Modal (formerly Drive Motors) provides e-commerce to the world's leading automotive dealers and brands, empowering them to delight their customers with transparent digital commerce that fits into their existing website and showroom experiences. Founded in 2015 in San Francisco by Aaron Krane, a former Entrepreneur in Residence at multibillion-dollar VC fund Khosla Ventures, the company delivers contactless, optimized, and fully transacted online buying. For more information, visit modalup.com and follow them on Twitter, Facebook, Instagram, and LinkedIn. For more information, please contact: Lisa Hagendorf at Lisa@centerpiecepr.com