Automotive Tech Startup Carmigo Closes $7M Funding Round

Carmigo plans to continue connecting individuals with car dealerships through key product improvements and a profitable acquisition strategy.


Tupelo-based tech startup Carmigo has announced the close of its most recent funding round. After receiving $7 million from both the original and new investors, Carmigo will continue building its marketplace that connects consumers with dealerships. This funding round brings the total investment in Carmigo to $10 million since its launch in January 2021.

“This round close is a significant milestone for Carmigo,” said Carmigo co-founder and CEO Andrew Warmath. “Our team created Carmigo after recognizing a significant pain point in the automotive industry. Our virtual platform creates a convenient and competitive environment for consumers, while helping our dealers source quality inventory. We are proud of what we have built, but this recent investment makes us excited for what’s to come.”

A major investor in the round was Southern Bancorp in partnership with Advantage Capital. Impressed by Carmigo’s innovative business model, Advantage Capital and Southern Bancorp will support Carmigo’s mission to instill a higher degree of trust in the automotive industry while providing jobs in North Mississippi.

“Our core values stem from our commitment to invest in small businesses and grow communities,” said Brian Anderson, Principal at Advantage Capital. “Carmigo is the perfect example of this dedication. They are committed to bringing jobs to Tupelo and fostering the job market.”

Read the full PRWeb article here.