CrashBay, the First Collision Repair Marketplace, Secures Funding to Transform How Consumers, Insurance Companies and Repairers Connect

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Apr 03, 2024, 07:15 ET

TORONTO, April 3, 2024 /PRNewswire/ -- CrashBay, the premier digital marketplace revolutionizing collision repair solutions for fleets and carriers, today announced the successful completion of a $1.25 million funding round led by venture capital firm Markd, with participation from other collision and insurance industry veterans. The funding marks a pivotal milestone in CrashBay's commitment to transforming the collision repair industry and reshaping direct repair programs.

"This partnership with Markd signifies a major milestone for our company, giving us the fuel we need to achieve our mission of empowering car owners and carriers to connect with trusted repair shops anywhere in the world!" said Founder & CEO John Harvey. "Being backed by such a prolific Insurtech fund like Markd, with their expertise and leadership, uniquely equips CrashBay as we embark on the next stage of our transformation journey."

Parker Beauchamp, Managing Partner at Markd, added: "I'm sick of waiting 6+ months for my car repairs, and I figured everyone else is, too. These guys grew up in body shops and insurance company claims departments. Surely, there are improvements to be made. I'm excited for the CrashBay team and their opportunity."

CrashBay has quickly emerged as a leader in providing end-to-end collision repair solutions tailored to the needs of fleets and carriers across North America. Car owners and carriers can seamlessly book appointments with trusted repair shops through its innovative platform. In contrast, repair shops gain access to a suite of programs designed to streamline their operations and enhance services.

CrashBay is redefining the automotive industry landscape by transforming how car owners, insurer fleets, and repair shops connect and collaborate. Its platform offers customized SaaS solutions, digital payments, and claims services developed to address the unique needs of its partners.

Co-Founder & President Andrew Daniels on the CrashBay model: "Our traction highlights the importance of creating a unified marketplace that simplifies the complexities associated with collision repair, fostering an environment where trust, transparency, and efficiency thrive. Our focus as a facilitator helps all stakeholders benefit from process digitization."

With the backing of this funding, CrashBay aims to accelerate product development efforts, ramp up customer acquisition strategies, and expand essential services, solidifying its position as the go-to solution for collision repair needs. CrashBay remains dedicated to empowering fleets, carriers, and repairers with the tools and resources they need to thrive in an increasingly digital world.

About CrashBay
CrashBay is a digital marketplace specializing in end-to-end collision repair solutions for fleets and carriers. Car owners and carriers can book appointments with shops across North America. Repair shops can list their businesses and access a-la-carte direct repair programs. CrashBay offers customized SaaS solutions, digital payments, and claims services for carrier partners. CrashBay is rapidly expanding in the US and Canada. For more information, visit crashbay.com.

About Markd
Markd is a venture capital company focused on funding and partnering with transformative insurtechs. It pays homage to the insurance industry's legacy while helping design its future. Markd's mission is to power substantial work and continually inspire more ideas to prevent hurt and loss.

SOURCE CrashBay