Eclipse backs all-EV marketplace Ever in $31M funding round

In the quest to streamline the buying and selling of used electric vehicles (EVs), a startup named Ever is making significant strides. Dubbed the first "AI-native, full-stack auto retail business" focused solely on electric vehicles, Ever has already attracted a growing customer base eager to engage with its platform. To fuel its expansion, the company has successfully raised $31 million in a Series A funding round, spearheaded by Eclipse, with contributions from Ibex Investors, Lifeline Ventures, and JIMCO, the investment branch of the Saudi Arabian Jameel family. Over the past decade, platforms like Carvana and CarMax have transformed the digital car-buying landscape. More recently, numerous startups have emerged, leveraging artificial intelligence to enhance the purchasing journey with various innovative tools. However, Jiten Behl from Eclipse argues that these incremental AI improvements are merely superficial fixes, akin to automakers rehashing traditional vehicles to accommodate electric technology. He believes that true modernization in automotive retail requires a foundational redesign rather than superficial adaptations. Lasse-Mathias Nyberg, co-founder and CEO of Ever, shared insights into the complexities involved in car transactions, noting that each sale can trigger countless actions that retailers must navigate. Recognizing these challenges, Nyberg and his team embarked on a year-long research initiative to develop a digital-first auto retail model. Their solution is a sophisticated orchestration layer, functioning as an "operating system" to manage the multitude of workflows necessary for a seamless transaction. This innovative system not only simplifies processes like appraisals and pricing but also enhances efficiency. Nyberg claims that Ever's sales team is now two to three times more productive compared to traditional methods, leading to improved profit margins that can translate into lower prices for customers. Ever's approach incorporates both an online marketplace and physical locations, understanding that many buyers still value the tactile experience of seeing and testing a car in person, particularly when it comes to EVs. While user feedback has been mixed, with some praising the ease of purchasing EVs and others expressing challenges in communication, Nyberg regards these early hurdles as learning opportunities. Looking ahead, Nyberg acknowledges that interest in EVs has fluctuated in the U.S. market. While he has not dismissed the possibility of Ever expanding into the used combustion car market later, his immediate focus remains on electric vehicles, a niche that currently lacks dedicated retailers. Behl, who has a rich background in the EV sector, remains optimistic about the industry's future, emphasizing the potential for platforms like Ever to reshape the car-buying experience by eliminating friction and enhancing customer satisfaction.