Cardata raises $100 million
Cardata, which helps companies reimburse employees who use their own car for work, announced a $100 million funding round led by Wavecrest Growth Partners, with participation from MassMutual Ventures.
Founded in 1999, Cardata provides a suite of reimbursement software, compliance programs, and business intelligence tools for companies whose employees drive their personal cars for work. One solution offered by Cardata revolves around insurance – the company works with businesses to find the right auto insurance policy for their employees, as well as ensure driver compliance and automating policy renewals.
The investment will accelerate the company’s market coverage and “pace of innovation” in both its core systems and new products.
“Companies are turning to more efficient vehicle programs to deliver benefits and savings to their employees. As Cardata has helped tens of thousands of drivers get reimbursed for using their personal car for work, we aim to unlock more value for our users and expand our market coverage. This strategic investment from Wavecrest and MassMutual will accelerate the pace of our product innovation and help us continue to deliver a superior experience, along with new products, for our users.” – Sheret Ross, CEO at Cardata.
“This significant investment represents a pivotal moment in our company’s journey. Our phenomenal team is the cornerstone of our success. With this infusion of capital, we’re not only securing the future of our organization but also demonstrating our commitment to nurturing and retaining exceptional talent. This funding will propel us into a new era of growth, enabling us to explore innovative opportunities, expand our market presence, and deliver even greater value to our customers. We are grateful for the trust and confidence Wavecrest has shown in our vision, and we’re excited to embark on this exciting journey together.” – Michael Levine, president at Cardata.
“We have been really impressed by Cardata’s strong growth and stellar team. Michael and Sheret’s vision to build a vehicle management platform, along with the company’s strong fundamentals and substantial market opportunity, has led us to support them in this next chapter of expansion. We are excited to partner with the team to help them continue to innovate and fuel growth.” – Vaibhav Nalwaya, co-founder and managing partner at Wavecrest.
“Cardata offers companies a tax-efficient way to reimburse employees who use their own car for work, unlocking real savings to companies and employees. We’ve been impressed with the company’s ability to provide value to its long-standing clients and vision for a more integrated platform.” – Eric Emmons, managing partner at MassMutual Ventures.