A Charleston company that sells online reports about used-car values plans to use $5 million in fresh funding to accelerate its expansion plans.
PureCars, a 5-year-old business with offices on King Street, announced that the capital infusion came from two Massachusetts investment firms.
“The majority of the funds are designed to be for growth,” CEO Jeremy Anspach said Wednesday. “That means product enhancements and new products to help consumers and dealerships, resulting in a significant increase in human resources. Meaning people.”
Co-founded by Anspach in 2007, PureCars said it works with dealerships locally and around the country to “optimize returns on digital marketing” and boost their sales.
It also said its online reports help prospective car buyers “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 his company compiles and analyzes information that supplements reports from other car-pricing services, such as Carfax, which PureCars works with under a strategic alliance. He said the privately held business is profitable and has grown rapidly, though he would not reveal specific figures.
Anspach grew up in Detroit, the heart of the nation’s automobile business, but he now calls Charleston home. He said he was the go-to expert in Motown whenever a family member was in the market for a used vehicle.
“I’m a car guy,” Anspach said.
His new investors at PureCars are Gemini Investors, a Wellesley, Mass.-based private equity firm, and Stage 1 Ventures, which is headquartered in Waltham, Mass.
Contact John McDermott at 937-5572.