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CIT GAP Funds Invests in Urgent.ly

04/17/2014

The Center for Innovative Technology announced today that its CIT GAP Funds closed an investment in Urgent.ly, a Northern Virginia-based startup offering a mobile on-demand platform that quickly and easily connects users with nearby and available roadside assistance.

CIT President and CEO Pete Jobse said, "Each year, we are seeing more entrepreneurs like the experienced team at Urgent.ly develop innovative ideas that solve problems and create opportunities. The innovation and experience that they offer is what we seek when making CIT GAP Funds investments."

As American families begin to make plans for summer travel, Urgent.ly is offering them an easy and quick way to connect to safe on-demand roadside assistance, saving them time, money and worry. Their app quickly locates the nearest available help, while allowing users to track and identify the help in real time on their smartphone, as it travels to their vehicle's location. In addition, Urgent.ly's platform benefits towing providers by quickly connecting them to nearby customers in need. It helps towing providers grow revenue, create business efficiencies and cost savings by improving fleet management and increasing job flow without a corresponding increase in paperwork or administrative burden.

"Urgently's two-fold mission is to provide consumers with the quickest, most reliable and transparent roadside assistance service in the market, while providing towers the opportunity to more efficiently grow their business by connecting them with nearby, high quality customers," said Urgent.ly CEO Chris Spanos. "We will use the investment from CIT GAP Funds to expand our presence in the DC market, rapidly bring our service to additional markets and continually evolve our product experience."

CIT GAP Funds is a family of seed- and early-stage investment funds placing near-equity and equity investments in Virginia-based high-growth technology, life science and clean technology companies.

Tom Weithman, CIT Vice President and GAP Funds Managing Director, said, "Companies like Urgent.ly are still finding it difficult to access seed-stage funding, despite providing important and innovative services. CIT GAP Funds fills that funding void with a proven public-private leveraged investment model that creates 21st century companies and jobs throughout the Commonwealth."

Since its 2005 launch, CIT GAP Funds has invested in over 100 companies across the Commonwealth of Virginia, deploying more than $13 million of public funds and attracting over $200 million more in private funding.

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