Venice, California-based Mota Motors, which is developing online services to help car sellers sell their automobiles online, has quietly raised $4.5M in a venture capital round, socalTECH has learned. The firm, which is headed by Reza Bundy, helps users list their car for sale, offering additional services such as third party certification, professional photographs, answering purchase inquiries and vehicle escrow. No details on the funding or backers of the firm have been announced. The funding was disclosed in the PricewaterhouseCoopers/NVCA MoneyTree report released over the weekend. Bundy was the founder of Iron Planet, a Pleasanton-based firm which has received funding from Kleiner Perkins, Caterpillar, Komatsu and Volvo.
posted on Tuesday, April 22, 2008 (Link to more information)
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