Charleston-based PureCars raises $5 million from 2 investment firms

A Charleston technology company that provides consumers and car dealers with research about automobile prices has raised $5 million to grow its business.

PureCars said the capital infusion came from Massachusetts-based investment firms Gemini Investors and Stage 1 Ventures.

“This financing will allow PureCars to enhance and expand its services and product offerings to its rapidly growing family of automotive dealerships,” the company said in a statement.

Formed in 2007 by CEO Jeremy Anspach, PureCars said it works with dealerships to “optimize returns on digital marketing and increase sales.” It said its online tools and “value shopping” concept helps consumers “clearly understand the value offered by the vehicles they’re considering, while assisting dealers in effectively promoting the value benefits of their inventory.”

Anspach said in a statement that PureCars is “incredibly proud to welcome Gemini Investors and Stage 1 Ventures, two distinguished partners that will further help us build on our solid foundation. We are confident that their investment and expertise will assist in our mission to improve and expand our product offerings, and exponentially grow our business, benefiting both our family of dealers and their customers alike.”

Gemini Investors is a Wellesley, Mass-based private equity firm. Stage 1 Ventures is headquartered in Waltham, Mass.

Contact John McDermott at 937-5572.