AutoAdvantage Group recently shared how they have raised new financing for the company. It was participated in by angel investors from Silicon Valley, Western Technology Investment, and Transportation Technology Ventures.
The company’s CEO Jim Disanto shares some information about this recent funding, and the company in this e-interview with Lead411:
Who are your competitors and how are you different from them?
Smartphone based gas finding apps and in-vehicle “gas prices” apps.
What percentage of your marketing budget are spent on the following?
Just getting started. A large majority will be focused on Social Media.
What do you plan to spend your new funding on? Product development? Marketing?
Mostly product development.
If this is your first round of financing and you’re the CEO, how many hours did you put into working on getting your financing? Was that taking up the most of your day?
Yes, most efforts were focused on fund raising until financing closed.
If you are the CEO, what are your biggest challenges?
Getting channel partners and then building customer traction.
How many employees do you have?
Confidential. Less than a dozen at present.
When were you founded?
How much did you revenue increase(if any) this year over last year?
We haven’t released our product yet.
Want to know more about their recent funding? You can view their press release here.