H.I.G. Growth Partners Completes Growth Investment in myKaarma
BOSTON – April 5, 2022 – H.I.G. Growth Partners (“H.I.G.”), the dedicated growth capital affiliate of H.I.G. Capital, is pleased to announce the completion of a strategic growth investment in myKaarma, a rapidly growing, end-to-end SaaS platform for franchise automotive dealership service lanes.
Founded in 2012 and based in Long Beach, CA, myKaarma’s unified solution includes an integrated suite of scheduling, interaction, communication, and payment tools that encompass the entire repair process, thereby driving efficiencies for dealer service lanes as well as improved experiences for vehicle owners. myKaarma has expanded to more than 1,500 dealerships in the United States and Canada, and during its history has processed over $11 Billion in payments, transmitted over 230 million text messages, and recorded over 2.5 million videos, leading to a 30% lift in repair order dollars to customers when using the Company’s latest solutions.
H.I.G.’s growth investment will be used by myKaarma to drive further innovation and product enhancement to meet the growing needs of the evolving dealer space, expand platform functionality to broaden use cases, and hire new resources to support and accelerate the company’s growth. myKaarma Founder and CEO, Ujj Nath, said, “We are looking forward to partnering with H.I.G. as we continue to expand our reach and serve even more dealerships and vehicle owners with exceptional interactions. H.I.G. ‘s investment will provide the necessary resources to grow myKaarma’s offerings.”
Evan Karp, Managing Director with H.I.G. commented, “myKaarma provides unmatched offerings and value to dealerships. Their users are passionate about the communications, video, scheduling, and other solutions that are used in service departments every day. We are excited to partner with myKaarma as they continue along a strong growth trajectory.”
myKaarma believes a dealer should not have to “do work to do work.” Their sophisticated and natural design flow creates effortless, easy, and exceptional interactions. Built upon an industry-leading communication and payment platform, myKaarma delivers good karma for vehicle owners and dealers alike by making the service experience better for all. myKaarma is an advanced end-to-end platform with scheduling, communications, payment, pickup and delivery, video MPI, BDC solutions, and insightful reporting. For more information, please visit mykaarma.com.
About H.I.G. Growth Partners
H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global alternative investment firm with $48 billion of equity capital under management.* H.I.G. Growth seeks to make both majority and minority investments in strong, growth-oriented businesses located throughout North America, Europe and Latin America. H.I.G. Growth Partners considers investments across all industries but focuses on certain high-growth sectors where it has extensive in-house expertise such as technology, healthcare, internet and media, consumer products and technology-enabled financial and business services. H.I.G. Growth strives to work closely with its management teams to serve as an experienced resource, providing broad-based strategic, operational, recruiting, and financial management services from a vast in-house team and a substantial network of third-party relationships. For more information, please refer to the H.I.G. website at www.HIGgrowth.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.