SelectFI proudly announces the successful closure of its pre-seed funding round, raising $4.5 million. This capital influx stems from a diverse pool of investors, including private individuals, institutional investors, and dedicated customers.

Launched in May 2023, SelectFI initially garnered financial backing from private investors. The company's early commercial success in late 2023 attracted institutional investors and angel groups, such as StartFast Ventures, Launch NY, Buffalo Innovation Seed Fund, Rochester Angel Network, and Innovent Capital Group. Notably, SelectFI’s loyal customers also participated in this funding round, underscoring the company’s market presence and customer trust.

“The confidence displayed by our investors — individuals, institutions, and our own customers — is a strong testament to the potential of our company, our innovative software, and our business model,” said Matt Dorn, CFO of SelectFI. “We are thrilled by the market's enthusiastic response to our products and are committed to continually meeting and exceeding our customers' expectations.”

Strategic Use of Capital

SelectFI is strategically deploying the newly raised capital to accelerate growth and enhance product offerings. Key initiatives include:

• Expansion Beyond Western New York: Building on customer referrals, SelectFI is establishing sales teams in Florida, Texas, Alabama, and Arkansas. As the company gains traction in these regions, it plans to staff local customer service teams to maintain high levels of engagement and satisfaction among dealerships.
• Technological Advancements: Significant investments in technology have led to the formation of a robust team of developers, managers, and analysts based in Buffalo, NY. This team is focused on continuously expanding product features and enhancing the platform's architecture to support rapid scaling and ensure a seamless user experience.

Future Outlook

SelectFI is poised for a transformative year ahead, with plans to further innovate and expand its market footprint. The infusion of capital will enable the company to expedite its growth trajectory and solidify its position as a market leader in the tech industry.

“We extend our heartfelt gratitude to all our investors for their unwavering support and belief in our vision,” said Dorn. “Their investment is fueling our next phase of growth, and we are excited about the opportunities that lie ahead.”