Reston, Va.-based tech startup Carsquare is working to build a very ambitious future for itself. Carsquare acts as central hub for people looking to buy or lease cars. It combining public listings and those provided by its partners and using its own algorithms for helping customers find whatever kind of car they are looking for. The company recently added a slew of new features to its automobile metasearch engine and is in the process of raising a second round of venture funding that it hopes will take it to the next level in terms of both services and customers.
The new features to make vehicle searches easier and even automatic have been rolling out. The company has also created a kind of social media platform for comparing and discussing possible car choices with others in what it calls a "virtual garage."
“The recent addition of recall search functionality is a great value-add for our users,” said Carsquare CMO Mikah Sellers. “We are working to create additional functionality that will enable the consumer to access a tremendous amount of information about their vehicle directly through our platform.”
Carsquare raised an undisclosed Series A round last year, and Sellers said that the second round is near to closing. The plan is to use that money for more marketing to grow the user base. The money will also be used to add new features that Carsquare will develop.
“We have built fantastic momentum over the past year,” said Carsquare CEO Khurrum Shakir. “The value we offer to consumers continues to get better every month, continuing to build and strengthen our partnerships with the best automobile listing sites is one of our top strategic priorities.” “The round we are raising will also enable us to finalize the development of some outstanding new features that will cement our place in the market as an innovation leader.”
While Carsquare is not exactly alone online as a place to find information on cars to buy, Sellers said that Carsquare's data access and the way that information is organized already put it beyond any of its competitors. As the new funding goes toward expanding its user base, he said that lead will only grow.
"What we offer already goes beyond any other option," Sellers said. "We already have more in one place than anyone else, the new features we are adding really make us the one-stop shop for cars."
