Digital Platform for Cars Buyers Impel Lands $104M Led by Silversmith Capital
Impel, a startup that provides digital automotive engagement software for manufacturers, marketplaces and dealers, raised $104 million led by private equity firm Silversmith Capital Partners and additional investment from Wavecrest Growth Partners.
The funding will be used to ramp up growth through product expansion and M&A activity to meet industry demand for automation and digital technology solutions.
NY-based Impel’s platform allows car shoppers to have a more tactical buying experience online. With around 100 partners in the automotive space, Impel has been involved in $2 billion worth of car sales since its inception in 2011 and has grown its revenue by 100% in the past two years.
“With the heightened focus on electric vehicles and the growing demand for ecommerce functionality, the digital disruption that is currently underway shows no signs of slowing,” said Devin Daly, Impel Co-Founder and CEO.
As the car market continues to shift online and away from traditional dealerships, companies like Impel are using AI to target customers with personalized messaging and accurate price estimates.
According to a 2021 Cox Automotive study, “Consumers generally remain less likely to visit dealerships during the car buying process. The average buyer visits only two dealerships in the process and relies more heavily on digital tools.”
Impel has made two acquisitions in the last two years, including its purchase of CarLabs, a provider of conversational AI products for the automotive industry, in November of 2022 for an undisclosed amount.
Impel now serves more than 4,000 customers and powers an ecosystem of more than 100 technology and marketplace partners.
Todd MacLean, managing partner, and Ned Kingsley, vice president, at Silversmith have joined the Impel board.