The funding includes $47m in Series B equity funding from Warburg Pincus LLC, and new investors ABS Capital Partners and Oak Investment Partners. Additionally, Cobalt has increased its credit facility with Silicon Valley Bank by an additional $7m.
Cobalt will use the funding for acquisitions and new product development. In conjunction with the financing, Tim Weglicki, a general partner of ABS Capital Partners, will join Cobalt’s board of directors.
The Seattle, Washington-based company partners with car dealers and manufacturers to develop customer relationship management software and e-business products and services.
It serves a dealer community including 12,000 franchised dealers and more than 70 of the 100 largest dealer groups. With its recently announced endorsement by General Motors, the company has created technology solutions for and been endorsed by 27 automobile manufacturers.
