Auto / Tech Startup Now Crowdfunding $4M Capital Raise to Power National Expansion
Philadelphia, Pennsylvania – May 24, 2023 – Motobyo®, the automotive marketplace powerhouse designed
for everyday consumers, not dealers, is rapidly making the future a of buying and selling used cars online a
reality, with a growing base of customers now drawn from 46 states in the U.S.
The Philadelphia-based startup recently launched two crowdfunded capital raise campaigns for individual investors with industry leaders Netcapital and Fundable. Motobyo is raising $4 million to power the future growth of the company, including expansion into other regions of the United States.
The founders of Motobyo committed $1.1 million in capital investment to support its early pre-launch efforts and then raised $2.5 million in additional funds to support the Company’s late 2022 beta test in the Greater Philadelphia DMA.
During that beta, Motobyo gained greater brand awareness and organic customer growth with increasing use of its online marketplace that connects used car sellers and buyers in states as far-flung as Oregon, California, Arizona, Illinois, Ohio, Texas, Florida and more. The growing inventory of available used cars on the Motobyo platform is well over 100 vehicles each day, with brands including Toyota, Jeep, Ford, Chevrolet, Volkswagen, Mitsubishi, Nissan, Honda – even Maserati and Tesla, among others.
“First-time investors may wonder what’s in it for them to invest in an early-stage company like Motobyo,” noted George Lekas, Motobyo co-founder and COO. “There’s another car company that eliminated industry waste, cut out dealers and sold vehicles straight to the public online. Perhaps you’ve heard of them – Tesla. Consider that a $10,000 early investment in Tesla would be worth $980,444 right now.”
Motobyo CEO Ron Averett, recently interviewed by reporter Ryan Mulligan in the Philadelphia Business Journal, suggested that the crowdfunding model opens the startup to a wider pool of potential investors to make smaller investments compared with traditional venture capital raises. On Netcapital, the minimum investment is $99, while Fundable restricts its pool to accredited investors — a more traditional venture capital group.
Providing a platform unparalleled in the used car industry – Motobyo is directly connecting vehicle supply to demand – saving time, avoiding the normal hassles and headaches and providing consumers with value not available anywhere else in the industry.
To learn more about Motobyo visit https://motobyo.com.