Ripcord adds $45 million investment led by CDK Global to modernize the car buying process
Ripcord, a robotics digitization company, has added $45 million in Series B2 funding, increasing the company’s total funding to more than $120 million as the business focuses on scaling globally. The funding was led by CDK Global, a retail automotive technology company, which will partner with Ripcord to drive digital transformation across the automotive industry and modernize the car buying process.
Ripcord digitizes business processes that still rely on paper, and automates and modernizes customer workflows to bring efficiency and cohesion to time-intensive processes and disconnected systems.
Existing Ripcord investors Kleiner Perkins, GV, Steve Wozniak, Silicon Valley Bank, Lux Capital, Tyche Partners, Icon Ventures and Baidu participated with strong support in the Series B2 funding.
CDK Global is investing in Ripcord to streamline the car buying experience. CDK Global and Ripcord together enable solutions that will improve both the consumer and dealer experience by saving time, reducing errors, and driving down costs throughout the car buying process. For dealerships, Ripcord provides added intelligence that helps them buy, sell, service and finance cars more competitively and with reduced processing costs—ultimately leading to better prices for the consumer and higher profit margins for dealers.
Car dealerships face increasing challenges with consumer privacy concerns and legacy business processes that rely heavily on inefficient manual, time intensive forms. To further complicate problems, the information from both paper and digital forms typically funnels into multiple disparate and totally disconnected systems, compounding data compliance and processing issues.
For more information about Ripcord, visit www.ripcord.com.