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Czech Omnetic Drives Forward with €100M Funding Fueling European Expansion

Three men in front of a building
Image credit: Omnetic, Founders (left to right) Jakub Šulta, Pavel Svoreň, and Petr Kratochvíl
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Only have 1 minute? Here are 3 key takeaways:

  • Omnetic, a Czech-founded dealership management system, secured a €100M funding, led by Kartesia and CVI, in the biggest round for 2024.
  • The company aims to accelerate growth and expand into key European markets, including Poland, Germany, France, and the Benelux countries.
  • Under the EAG Group, Omnetic operates in 12 European markets and offers digital solutions to streamline automotive services, serving over 12K daily users.

 

Czech-founded Omnetic, a dealership management system for automotive professionals, announced its latest funding of €100M. The round was led by Kartesia, a European private equity fund, and the Central European and Poland-based debt fund CVI. The new investment is going to be utilized for further growth, fueling new customer acquisition, and European expansion to Poland, Germany, France, and the Benelux countries.

“Kartesia and CVI offered the most flexible capital solution. Moreover, they operate in the markets where our future acquisition targets are also located”, shared Petr Kratochvíl, Chief Investment Officer at Omnetic.

In 2023, venture deals in the Czech Republic experienced a significant decline of 63.6%, dropping from €475M in 2022 to €173M. 2024’s beginning shows more optimistic results with Daytrip, a travel platform specializing in private door-to-door car transfers, and Better Stack, a company focusing on providing DevOps solutions, both securing $10M funding rounds earlier this year. 

Making life easier for car dealers 

Omnetic is an online system for large and small second-hand car dealers and service garages. The company aims to provide a solution that makes business processes more efficient and improves their quality.

Omnetic, founded in 2019 by Jakub Šulta, Pavel Svoreň, and Petr Kratochvíl, goes under the umbrella of EAG Group, which focuses on the digitization and consolidation of automotive services. Currently, the group operates in 12 European markets, including the Czech Republic and Slovakia, under the Omnetic brand, with 231 employees.

Read more:  Digitalization Innovator URBO Studio Gets €1.2M Investment to Transform Service Businesses

“When you think of automotive in Europe, people usually think of big car companies first. In reality, however, it is a huge industry covering the entire life cycle of a car – from the first dealer and financing, through insurance, service, to the transfer to another owner at the car dealership. There are tens of thousands of small and large companies with a huge potential to switch to top-notch fully digital services,” says Jakub Šulta, CEO of Omnetic.

Omnetics’ solutions are used by dealers of 33 automobile, bus and goods vehicle brands, as well as the 4 largest service networks, according to their data

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https://therecursive.com/author/teodoraatanasova/

Teodora Atanasova is a News Editor at The Recursive. She covers everything around funding rounds, exits, startups expanding to international markets, big tech opening R&D in CEE, meaningful for the ecosystem partnerships.