Digital Performance ropes in $3.2M for online auto market
Digital Performance, a web marketplace for car parts and accessories, raised $3.2 million in first round funding from Rincon Venture Partners, Arcturus Capital and Momentum Venture Management, the last of which provided the company’s $500,000 seed round in 2006.
The Newport Beach, Calif. company maintains a database of parts that can be searched by make, model and year of the car in question. It plans to use the new money to power up its sales efforts and forge more partnerships with automotive retailers, VentureWire reports.
The company makes money in commission from sales on the site. The six-year-old company brings in between $500,000 and $1 million in revenue a year.
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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.