Automotive Tech Startup Carmigo Closes $7M Funding Round

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Carmigo plans to continue connecting individuals with car dealerships through key product improvements and a profitable acquisition strategy.

Tupelo-based tech startup Carmigo has announced the close of its most recent funding round. After receiving $7 million from both the original and new investors, Carmigo will continue building its marketplace that connects consumers with dealerships. This funding round brings the total investment in Carmigo to $10 million since its launch in January 2021.

"This round close is a significant milestone for Carmigo," said Carmigo co-founder and CEO Andrew Warmath. "Our team created Carmigo after recognizing a significant pain point in the automotive industry. Our virtual platform creates a convenient and competitive environment for consumers, while helping our dealers source quality inventory. We are proud of what we have built, but this recent investment makes us excited for what's to come."

A major investor in the round was Southern Bancorp in partnership with Advantage Capital. Impressed by Carmigo’s innovative business model, Advantage Capital and Southern Bancorp will support Carmigo’s mission to instill a higher degree of trust in the automotive industry while providing jobs in North Mississippi.

"Our core values stem from our commitment to invest in small businesses and grow communities," said Brian Anderson, Principal at Advantage Capital. “Carmigo is the perfect example of this dedication. They are committed to bringing jobs to Tupelo and fostering the job market."

Bill Wright, CEO of Southern Bancorp’s Western Region added, “This investment in Carmigo represents Southern’s commitment to support flexible lending options in markets where capital is less readily available.”

In addition to cultivating jobs in Northern Mississippi, Carmigo is uniquely positioned to serve the needs of the U.S. car market. This funding round will further product development to enhance buying capabilities for dealerships and the selling experience for individual sellers.

If you’re interested in learning more about Carmigo, visit gocarmigo.com.

About Carmigo:

Carmigo is an online vehicle marketplace connecting individual sellers with dealers in a one-day auction. Carmigo was founded through the frustration of consumers looking for a more transparent and convenient way to sell their vehicle and seeing dealers look for a better source of inventory than traditional auctions. Carmigo is based in Tupelo, MS, rapidly expanding its team.

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Austin Hille
Carmigo
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