With Rev1’s early buy-in and support, we’ve been able to scale and experience rapid growth.
COLUMBUS, Ohio (PRWEB) January 28, 2019
Today, Rev1 Ventures, the investor startup studio that combines capital and strategic services to help startups scale and corporations innovate, is announcing its fourth exit in just the past nine months with the acquisition of iReconCars, a used car reconditioning management platform that automates the auto reconditioning process by vAuto, provider of innovative technology for dealerships. With the news, iReconCars is launching a new solution under the vAuto product offering suite, iRecon, to Provision, non-Provision customers, and third-party reconditioning partner platforms.
“As an early champion of iReconCars, we are thrilled for the company’s success and this news is a testament to the company’s proven solution,” said Ryan Helon, Executive Vice President, Investment Funds at Rev1 Ventures. “iReconCars successfully navigated the startup journey and we were pleased to help Mike refine the product and grow the business over the past few years that we’ve worked together.”
iRecon is the only reconditioning platform that considers all three parties involved in the reconditioning process—dealers, consumers, and the vendors who often perform many of the reconditioning steps. iRecon automates the process by putting the right vendor on the right job at the right time and providing dealers with a ‘real-time’ connection to the consumer.
“With Rev1’s early buy-in and support, we’ve been able to scale and experience rapid growth,” said iReconCars co-founder Mike Boyd. “vAuto is helping us deliver on the true power and promise of our solution fill a market need and ultimately, help build trust between the auto industry and its consumers.”
About Rev1 Ventures
Rev1 Ventures is the investor startup studio that combines capital and strategic services to help startups scale and corporates innovate. Based in the Midwest, and in the number one city for scaling startups, Rev1 aligns innovators and founders with corporate and research partners to access customers and markets, helping entrepreneurs build great companies. With a proven track record of identifying, guiding and investing in high potential startups, Rev1 helps companies solve real problems for markets in need of real solutions. Rev1 has $90MM in capital under management, providing a capital continuum from corporate and community partners, as well as the Ohio Third Frontier. Rev1 is the 4th most active seed investor in the U.S., according to Pitchbook. For more information, visit http://www.rev1ventures.com.