The winner of the 2021 New Ventures BC Competition has raised a $2.6 million seed round led by Toronto’s StandUp Ventures.
Vancouver’s MintList (formerly known as TrafficDriven) is focused on revolutionizing the auto sales industry for both consumers and dealers, is announcing the details of their seed round funding raise.
Founded by CEO Mike Wood and COO Mehrsa Raeiszadeh, MintList’s post-seed round roadmap includes growing the team, furthering product development, Beta-testing its live auction platform and, most recently, launching a marketing campaign to people in the Lower Mainland of British Columbia.
“Buying a car is the second most expensive purchase most people ever make yet almost everyone has a bad story to tell around it,” said CEO and Co-Founder Mike Wood. He has more than 30 years experience in automotive leasing and sales.
“Everyone likes a new car in their driveway, but hates the process to get it there,” said Wood. “Dealerships own 99% of the available vehicle inventory in the market, but are getting increasingly squeezed by digital dealerships. Consumers need a better way to sell and buy cars. We set out to solve both problems.”
Sales through the Mintlist site began in October 2021 after launching in BC. Since mid-November, MintList has held live weekly auctions, already having sold more than $2 million in inventory. With this momentum, the team will be expanding across Canada throughout 2022.
Along with StandUp Ventures, significant investors in MintList include Nicola Wealth, as well as high profile members of Creative Destruction Lab (CDL).