At Touring Capital, we are committed to investing in companies leveraging AI and software to drastically boost productivity across industries — especially those still relying on pen and paper practices. With this guiding principle, we’re excited to announce we’re co-leading Numa’s $32M Series B round, partnering with them to transform auto dealerships by incorporating AI into every facet of communication.
Auto dealerships are prime candidates for AI disruption. Despite the maturity of the sector, many critical workflows remain reliant on manual processes that cause heavy administrative burden and dissatisfied customers.
At $1.2 trillion, the U.S. auto dealership market is one of the largest sectors in the US economy. However, customer service remains a pain point, with over 76% of Americans distrusting dealerships. Low trust is only exacerbated by inconsistent response times: 45% of inbound calls to dealership service departments are missed and 50% of customer voicemails are left unreturned.
Numa’s platform addresses this problem head-on. By deploying its AI copilot that automates essential tasks like rescuing missed calls, scheduling service appointments, and managing customer expectations, Numa is redefining dealership operations. Dealerships using Numa have seen a drastic reduction in response times, from 23 hours to just 13 minutes, alongside a significant increase in customer satisfaction and a boost to the bottom line.
At the heart of the company is a leadership team with decades of experience in scaling successful companies, including founding and successfully exiting Location Labs, which was successfully acquired by Avast in 2016. Co-founders Tasso Roumeliotis, Joel Grossman and Andy Ruff bring invaluable experience from their time together at Location Labs, where they were instrumental in growing the company to over 3 million monthly subscribers before its acquisition.
Touring Capital’s very own Nagraj Kashyap and Tasso Roumeliotis have known each other for over a decade, with Nagraj investing in Location Labs during his time at Qualcomm Ventures. Our deep relationship with Numa’s founding team is a testament to our tried-and-tested network and ongoing dedication to serving our founders over their entire company building journeys. We are thrilled to support Numa’s continued rapid growth as they fundamentally transform the automotive dealership experience.