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Weekly UpdatesConsolidated Asset Recovery Systems (CARS), a Raleigh, N.C.-based provider of asset management services, has risen $623,000 in Series A funding from Wilmington Investor Network (WIN) of Wilmington, N.C., and from Springboard Capital of Jacksonville, Fla.
The funding will enable CARS to target the consumer lending market.
CARS automates the asset recovery process using the CARS I-BEAM (Internet Based Electronic Asset Management) Web portal, which is available at www. ez-recovery.com.
According to the company, lenders are achieving cost savings of from 40 percent to 60 percent, which are measured through the automatic reporting features within the system.
The company's "pay by the case" Web-based model allows each lender to pay for the service based on its usage.
The financing will be used to bring on additional resources and manage growth, allowing CARS to accelerate market penetration and scale the business to meet increasing demand, company President Steve Norwood says.
Michael Cain of WIN says, "We looked at a lot of deals lately, and very few have the growth potential of CARS. We are very excited about helping them become the leader in this segment of the market."
Consolidated Asset Recovery Systems was founded in February of 2005 and has a customer base of prime and sub-prime lenders.
Springboard Capital LLC is a member-managed private equity fund focused on seed and early stage investment. Springboard's members, all individual accredited investors, guide the fund's activities and play a role in all aspects of opportunity analysis, due diligence, investment structuring and post-investment collaboration.
Wilmington Investor Network (www. wilmingtoninvestor.com) is a manager-managed pledge model angel investment entity. Wilmington Investor Network is a founding member of the Angel Capital Association (www.angel capitalassociation.org), which adheres to a series of best practices in angel investing. The Angel Capital Association and Angel Capital Education Foundation are sister organizations spun off of the Kauffman Foundation (www.kauff man.org) in 2006. WIN invests in early stage technology and life science entities located within the Southeastern United States.
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