Car IQ raises $15 million

Vehicle payments startup Car IQ has raised an additional $15 million for its Series B round, bringing total funding to date to $42 million. The round was led by Forte Ventures with participation from existing investors including State Farm Ventures, TELUS Ventures, and Avanta Ventures, as well as new investors Visa, Bridgestone, Navistar, and Circle K.

Founded in 2016, Car IQ created a new form of machine identity verification allowing vehicles to connect directly with banks and service providers and make purchases without the use of a physical credit card. The company’s product, Car IQ Pay, offers commercial fleets an easier way to pay for fuel, tolls, and parking by leveraging vehicle data to automate the payment process. Currently Car IQ Pay is accepted at over 21,500 fuel stations nationwide including Shell, Sunoco and others across the US.

“These funds will allow us to move faster and meet the market demands from fleets in the commercial and OTR trucking spaces. Incorporating vehicle data to the payment transaction is a game-changer: we can determine what the vehicle needs before it buys, validate the purchase after the fact, and make the experience for the driver completely frictionless.” – Sterling Pratz, CEO of Car IQ.

“Car IQ continues to excel in today’s challenging economic climate. The company’s patented technology, ability to attract strategic investments from major fintech and automotive companies, and high-level commercial partnerships are laying the groundwork for rapid growth of their vehicle payment solution.” – Louis Rajczi, partner of Forte Ventures.