CarDomain Draws $3 Million In Funding

Have you ever seen a guy reach into his pocket, draw out a twenty-dollar bill, and celebrate “finding” this money?  Well, CarDomain.com pulled a similar move today, but on a rather grander scale – $3 million came out of founder Alex Algard’s pockets.

CarDomain Draws $3 Million In Funding CarDomain also achieved the “Major Milestone of 500,000 Custom Ride Pages Built,” which means that around half a million vehicles have been profiled on the site.  And, to be fair, it was this success – not the $3 million in funding – that functioned as the main headline of a press release.

“Today’s announcement represents a major milestone for CarDomain.com, one that demonstrates the enormous opportunity our community represents for forward thinking brands to engage with a notoriously hard-to-reach demographic,” explained Rajan Krishnamurty, President and COO, in the same release.

Such brands have included Scion, Pioneer, and Mennen SpeedStick (youth-oriented cars, audio equipment, and, um, deodorant) thus far.  The Seattle Post-Intelligencer’s John Cook reports that Discount Tire and Nissan would also like to work out deals with CarDomain; considering that Ferrari doesn’t engage in such transactions, this is about as good as it gets.

In terms of what the site will do with its large user base and $3 million, Cook adds, “New features will include additional car club forums, as well as the ability for users to embed video into their car pages.  An automotive wiki – tapping the vast knowledge of the 1.5 million members – will be rolled out in the next four weeks.”

CarDomain may not “find” any additional funding in the meantime, but it is likely to pick up some more fans.