Auto industry's Engie closes a $3.5m investment round with leading VCs

Engie seeks to address the helpless, uncertain and frustrating feelings drivers have when they need to fix their car at the mechanic.

August 2, 2016 21:08
1 minute read.

ENGIE seeks to disrupt the car repair marketplace by offering customers diagnostics capability, quotes on repair costs, and help finding the best mechanic nearby.. (photo credit: LINKEDIN)

The investment included both US and Israeli VCs as Engie sees its main market in the US.

The investment was led by OurCrowd and joined by 8partners (formerly Formation8), Ton Ventures, Motus VC, Elevator Fund, Uri Levine (cofounder of Waze) and Israel’s Chief Scientist’s Office The combination of leading Israeli and US VCs goes hand in hand with Engie’s growth strategy.

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Engie seeks to address the helpless, uncertain and frustrating feelings drivers have when they need to fix their car at the mechanic. Such feelings are widespread as recent surveys show that over 700 million drivers feel helpless at the repair shop every year, worldwide. This is because drivers know that the car needs to be fixed, but are uncertain how long it will take and how much it will cost.

Engie plans to change all this and make the auto repair industry totally transparent and fair.

It provides a solution that disrupts the auto repair industry, as it shifts the power back to the customer, empowering them with knowledge and confidence regarding the vehicle’s health and maintenance.

The streamlined solution for car maintenance allows customers to understand the car’s state, know how much the repair will cost and choose the best mechanic nearby. Engie’s technology enables this process through its advanced diagnostics capability.

Engie was launched in Israel last year with almost 100,000 users that joined the system, and 200 mechanics. The US version of the product will be launched in the upcoming months, but Engie currently offers users the option to sign up through the website and join the beta presale.

Yarden Gross, co-founder and CEO said: “We saw an amazing market response in Israel because Engie solves a big consumer pain and offers a much better experience when it comes to car maintenance.

“This investment will help expand into other markets where drivers lose millions of dollars due to unnecessary repairs. Engie’s goal is to create a better experience to drivers around the world, offer them control over the car’s health and of course save money,” he added.

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