Bessemer drives Xtime global growth through $23m financing


Bessemer Venture Partners has led a $23m financing round for automotive industry customer services platform Xtime.

Lumia Capital also backed the company for the first time alongside existing investors RPM Ventures and Saints Capital.

Bessemer partner Jeremy Levine and DFJ venture partner Heidi Rozen will join the Xtime board of directors following the financing.

The company aims to provide an all-in-one online product for car servicing and repair shops to help keep their customers, through options such as automated scheduling and mobile access to check-ins and pricing.

Xtime says car manufacturers and dealership currently capture less than a third of the market for maintenance and repair services, leaving billions of dollars on the table each year.

Levine said, “Xtime has pioneered an innovative approach to solving the major problems that plague today’s automotive industry around the globe.

“With brands like Hyundai, Nissan and Lexus embracing Xtime as their solution and experiencing a significant return on their investment, Bessemer simply did not want to miss the opportunity to back Xtime’s bright future.”

Rozen added, “Xtime is a fast mover in this segment of the automotive industry, bolstered by a clear solution to an ages-old problem.

“This infusion of funding will support multiple deployments simultaneously, allowing rapid global expansion.

“I’m delighted to work with Xtime leaders to drive the company toward substantial growth and market penetration.”

Earlier this month Bessemer re-upped its investment in Mindbody, a provider of online business management software to the beauty, health and wellness sector, as part of a $35m financing round.

Institutional Venture Partners led the round, which also featured existing investor Catalyst Investors.

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