FBR CoMotion Venture Capital Participates in Second-Round Funding of Chrome Data
25 July 2000
FBR CoMotion Venture Capital Participates in Second-Round Funding of Chrome Data
SEATTLE - FBR CoMotion Venture Capital, a venture capital firm that provides early stage investments and "accelerator" services for Pacific Northwest technology companies, announced today its participation in the $22 million, second-round funding of Chrome Data Corp., based in Portland, Ore.Chrome, founded in 1986, is emerging as the automotive industry's most accurate, independent business-to-business provider of data and software for selling cars online.
FBR CoMotion joins lead investors Wells Fargo Small Business Investment Company Inc. and Advance Publications Inc. in this funding round.
"Chrome is emerging as the standards driver in this category," said David Billstrom, a managing partner of FBR CoMotion. "Chrome Data has developed an exceptionally strong management team, and the company is prepared to connect all aspects of the industry, from financial institutions, to dealerships and to Internet portals."
The funds will enable Chrome to build out the company's Internet strategy through intensified sales and marketing efforts and expanded product development.
"Our vision is to make it easier to buy, sell, finance and insure vehicles -- both online and on the lot -- by providing accurate and unbiased automotive pricing and specification data," said Bob Navarre, CEO of Chrome. "Fueled by this funding, Chrome now has the resources to build on its existing technology and drive this vision into the market."
Since its inception, Chrome has amassed customers across the automotive industry, including more than 7,400 automotive dealer franchises; 1,200 credit unions; 500 corporate and fleet accounts; 30 online services and portals; and 15 of the 17 largest fleet management/leasing companies. As more car dealers and Internet portals look to generate auto sales leads, provide accurate price quotes and enable automobile transactions online, Chrome provides the critical data, software and communication tools to meet these market needs.
An independent study conducted by CNW Marketing/Research concluded Chrome is the most accurate provider of data and configuration software available on the Internet today. The study found Chrome Data's Manufacturers Suggested Retail Price (MSRP) pricing accuracy rate was 99.64 percent, only one-third of 1 percent discrepancy -- less than the study's margin of error. Chrome Data was the only one of eight major online car configuration data providers surveyed in the study to finish below the study's margin of error.
About Chrome Data
Chrome pioneered the technology behind electronic vehicle configuration and for the past 14 years has collected, analyzed and enhanced "raw" automotive data from all manufacturers. Chrome's flagship product, the desktop research, pricing and ordering tool PC Carbook(R), is widely accepted as the standard in automotive data. Chrome's Internet-based product, Chrome Carbook(TM), allows dealers, Internet portals, financial institutions, and insurance and warranty companies to provide visitors to their Web sites with a tool to configure cars online--including specifications on all new vehicle makes and models, standard and optional equipment, vehicle pictures and accurate pricing.
About FBR CoMotion Venture Capital
With offices in Portland and Seattle, FBR CoMotion Venture Capital is a VC firm providing early stage investments and "accelerator" services for Northwest technology companies. FBR CoMotion is led by Managing Partners David Billstrom and Will Neuhauser. The firm focuses on Internet infrastructure companies and Internet-based start-ups in the business-to-business sector, wireless and e-commerce sectors. Recent portfolio companies include ImproveMyBusiness.com; MeasureCast; RuleSpace; and MyHealthBank.