Auto-Repair Platform Cardoc Secures Additional $900K
Auto-repair platform Cardoc announced on Dec. 29 that it had secured an additional $900K in investments. Launched in February 2013 as an in-house startup of pre-merger portal giant Daum Communications, Cardoc provides auto repair cost estimates through its eponymous mobile app. Car owners submit photos of damages and receive instant estimates on the repair cost and expert consultation about how to get their vehicle fixed.
Cardoc has stated that it would use the financing to support operations, marketing, and business development. The company is particularly keen on directing its efforts to expanding its customer base, as well as upgauging its quality of service.
The latest investment round was led by Daum Startup Fund manager East Gate Partners, joined by Bon Angels Venture Partners, and IDG Ventures Korea. Bon Angels and IDG have already committed approximately $540K last April. “Our decision was based on not only what it has accomplished so far, but also on its ostensible growth potential as leader in the auto repair market,” explains Senior Partner Wan Rim. “We hope to support Cardoc to introduce information platforms for areas beyond exterior auto repair cases.”
In a fragmented market such as that for automobile repairs, early disruptors like Cardoc enjoy great popularity for bringing much needed transparency and standardization to repair service prices.
And indeed, Cardoc had over 60,000 repair queries submitted since launch, and now receives about 5,000 queries per month (click here for our previous coverage on Cardoc). The company is continuously revamping the communication platform in preparation for its anticipated monetization.