FUSE Autotech raises $10M in Series A from Target Global

SaaS News - Fintech SaaS platform provider FUSE Autotech nets $10M (source: SaaS Industry)
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FUSE Autotech has raised $10M in a Series A funding round to accelerate the development of its SaaS-based AI fintech platform to automate car buying finances and redefine the experience. The company would also aim to expand its product and R&D teams using the proceeds.

FUSE Autotech, a fintech SaaS business platform that redefines car buying processes, has raised $10 million in a Series A funding round led by Target Global to expand its product and Research and Development (R&D) teams, a press release from FUSE said.

The previous funding round (seed) for FUSE Autotech came in January this year, where the company netted $3.5 million. The Series A round witnessed participation from PICO Venture Partners, Christopher Muhr, former COO of Auto1 (FSE: AG1) and Escavel Capital. 

Colton Ray, CEO of FUSE Autotech, expressed excitement at the Series A investment from leading auto industry software experts and stated that their experience would add value to FUSE Autotech’s platform as it scales. Colton said that the funding would allow the company to accelerate the platform’s development and drive expansion.

FUSE Autotech, founded in 2020, provides a SaaS AI predictive finance management system (FMS). It automates the entire automotive purchase process and finance experience. The company revealed that it processes over $1 billion in vehicle transactions annually and serves over 100 dealerships in the US.

Shmuel Chafets, general partner of Target Global, expressed delight on adding FUSE Autotech to its mobility fund to transform the automotive industry and added,

We began this journey with Auto1, which has grown into Europe’s largest wholesale platform for used cars. Today, FUSE’s innovative solutions are reinventing the financing segment of the industry and bringing tremendous added value for dealerships on a path that is set up for rapid growth.

Shmuel Chafets, general partner of Target Global

Elie Wurtman, a managing partner at PICO Venture Partners and co-chairman of FUSE Autotech, stated that as the automotive industry experience evolves rapidly, one of the biggest opportunities involves reinventing finance processes into a fully automated omnichannel experience.

I am excited to work together with Andrew, Shmuel and Chris and to bring our expertise in both the auto industry and scaling software companies to lead FUSE on a quick pathway from launch to scale

Elie Wurtman, a managing partner at PICO Venture Partners and co-chairman of FUSE Autotech
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