Cowen successfully advised Halle (Saale) based Twinner GmbH (“Twinner”), the world’s most sophisticated car digitization specialist, on its Series B funding round. While the financing round was in the process of being completed, the importance of online trading in the automotive market reached a new dimension: although face-to-face consultations in car dealerships have not been possible since November 2020, around 1.58 million used cars changed hands from January to March 2021 – only 80,000 vehicles less than in the same period last year. The viewings took place almost exclusively virtually.
With an investment volume of more than € 40 million, Twinner belongs to an exclusive group of technology companies with international ambitions. The company wants to further advance technological development and, in the medium term, create a standard for the visualisation and evaluation of vehicles in order to establish a fair automobile trade worldwide. Currently, the company is aiming for targeted growth through partnerships with established players in the automobile trade, such as CarNext, a leading European online marketplace for high-quality used cars.
Silvan Cloud Rath, CEO of Twinner GmbH, is very satisfied with the successful funding round: “We would like to thank Cowen for the competent and targeted advice throughout the entire process.”
Founded in 2017, Twinner® is on a mission to revolutionise the automotive industry. Twinner®‘s technology makes it possible to create digital images of vehicles so that they no longer need to be viewed in person at specific times in specific locations. In this way, the company brings transparency, security and trust to one of the largest sales markets in the world. Twinner® obtains an incomparably large data set from each vehicle, based on which a Digital Twinn®, i.e. a “digital twin”, is created, with which the customer can virtually see more than if he were standing in front of the vehicle themself. The start-up company from Halle has a team of more than 100 experts, all of whom have extensive experience in the automotive and start-up sectors as well as innovation sectors.
Twinner has been able to attract two German prominent families, among others, as investors. The Japanese industrial and automotive conglomerate Sojitz Corporation, an international leader in automotive assembly, wholesale and retail, has also been won as an investor and strategic partner. Together with Twinner, the corporation wants to accelerate the digitalisation of the Japanese automotive market.