New York, NY, July 19, 2017 --(PR.com
)-- CarFund announced today that it has engaged Castle Placement as its exclusive placement agent to raise $25 million of capital. The proceeds will be used to launch CarFund’s unique online auto dealership, and fund vehicle inventory.
Based in New York and Los Angeles, CarFund will use its proprietary e-commerce platform to create the only online dealer focused exclusively on selling off-lease vehicles. CarFund’s solution, in partnership with auto finance companies, reduces the cost and uncertainty of disposing of off-lease inventory through auctions. CarFund will utilize its existing lead generator to drive its highly scalable platform. The management team is led by CEO Rod Eldibs. Mr. Eldibs said, "Our management team has substantial experience in the automobile and technology sectors, as well as risk management strategies. We will employ that experience to utilize our ecommerce lead generator to drive this highly scalable platform."
Founded in 2009, Castle Placement raises equity and debt private capital for start-up, early-stage and middle market companies across a broad spectrum of industries. It uses its robust and innovative technology platform to connect issuers with global institutional investors. Castle Placement has over 27,000 private equity, venture capital and strategic investors, family offices, pension funds, foundations, endowments, sovereign wealth funds, hedge funds and lenders.