Shell Ventures LLD led this round of funding alone with participation from Stage 1 Ventures and a non-institutional, undisclosed, investor. Investors previously have included Andreessen Horowitz and Google Ventures.
This new round of funds received will be utilized to scale up the platform, hire more employees, attain additional customers, and expand outside of the US marketplace according to Openbay's CEO and founder Rob Infantino. In July the company will be moving their offices to Canal Park in East Cambridge.
Openbay will grow its team from their current count of 10 full-time employees and 5 consultants up to "well over 30 people," Infantino said. The majority of these new employees, something around 12 people, will be focused primarily on business development and engineering, especially for mobile apps and Android, Ruby, and iOS developers. Openbay will also focus on expanding their marketing and sales teams as well.
This new wave of technical-based hires will be needed to continue scaling and expanding the platform. Started back in October of 2013, Openbay lets consumers compare price quotes from their nearby car repair and maintenance services, as well as set appointments. Openbay will also sell software to let service station owners to interact with potential customers online, and a part of the Series A funding will also be used to grant new services in this area.
“What we’re building doesn’t exist today,” Infantino said. “It will be part of our suite of SaaS services; there will be a chat component to it, but it’s a lot more than that.”
Infantino also added that these days people need to know they'll get a quick response to the services they're using and buying, and the car industry has been falling behind their communication for years.
Right now Openbay says it has a place in all 50 US states, located mainly near main metro areas. Due to an investment from Shell, Openbay is also aiming to move into international markets, but didn't disclose which market they want to enter first.
“You can only imagine where Shell will be helping us to take the product,” Infantino said. “It’s not Canada.”
Openbay declined to name their other investor who also was apart of their Series A round of funding, and they wouldn't disclose their total funds raised to date.
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