KeySavvy raises $2M from Porsche Ventures and Founders' Co-op.
Seattle, WA - - KeySavvy, Inc.
KeySavvy, the pioneering service committed to simplifying and safeguarding private party vehicle transactions, proudly announces a $2 million seed funding round, with investments from Porsche Ventures and Founders' Co-op. This funding marks a significant milestone for KeySavvy, enabling the company to accelerate product development and forge new partnerships following a year of substantial organic growth in 2023.
Private vehicle sales, accounting for 47% of the 39 million used cars that sell each year in the US, are fraught with challenges stemming from payment and title fraud risks. Buyers and sellers often face the dilemma of either meeting in person at a bank or dealing with significant cash sums, particularly challenging when they reside in different states or when an existing car loan is involved. KeySavvy is at the forefront of revolutionizing this landscape, combining the latest payment and identity verification technology with the resources of a licensed dealership, to eliminate payment and title fraud.
"You always get a better deal buying or selling a vehicle privately, but it's a risky and cumbersome endeavor. Our technology bridges the trust and convenience gap, easing the biggest pain point in the market and allowing even more people to participate in it." said Andrew Crowell, Co-founder and CEO of KeySavvy. "We're replacing outdated cash and cashier's checks with a mutually trusted payment method and the response from customers has been absolutely remarkable. I'm incredibly proud of what our team has accomplished."
KeySavvy has distinguished itself in the market with the highest customer satisfaction rating, boasting an exceptional Net Promoter Score (NPS) of 92. Jason Hoetger, Co-founder and CTO of KeySavvy, added, "There is so much more we can do for buyers, sellers, and our partners. This funding enables us to deliver at twice the pace."
This funding coincides with KeySavvy's ongoing efforts to integrate with prominent peer-to-peer vehicle marketplaces, including Find My Electric, Vanlife Trader, Bumper.com, and others. KeySavvy offers a spectrum of integration options, ranging from straightforward affiliate-style links to fully white-labeled "checkout" flows, all powered by their state-of-the-art vehicle transaction technology.
"Partnering with KeySavvy has been a natural fit." said Dan Oksnevad, Co-founder and CEO of Find My Electric. "Their focus on secure, fraud-free transactions perfectly complements our goal of simplifying the EV buying and selling process. KeySavvy's advanced payment and vehicle verification technologies have provided a solution that enhances the security and transparency of our platform."
For more information about KeySavvy and its solutions for private party vehicle sales, visit www.keysavvy.com.
KeySavvy is a transaction platform that eliminates payment and title fraud in private party vehicle transactions and guides buyers and sellers through a complex process with ease. For peer-to-peer vehicle marketplaces, KeySavvy enables trusted, end-to-end transactions that help partners deliver a superior experience to their customers.
Media contacts: Andrew Crowell, CEO, firstname.lastname@example.org