GOFAR, founded in 2013 in Sydney, builds a device that plugs into a vehicle’s diagnostic port to track driver performance, monitor car health, and log mileage via a connected app. The company launched after a 2015 Kickstarter that raised over $160,000 and has since found users in more than 50 countries. GOFAR-connected cars have logged over 70 million kilometres in the past two years. The device has been used in government research trials, including installation in over 1,000 young drivers’ cars in Western Sydney and regional NSW. The recent funding will be used for further product development, expanding GOFAR’s car data science team, and pursuing global growth. Management positions the company to support organisations through the shift to connected and autonomous vehicles. GoFar builds an in-car display and companion phone app designed to help drivers save money and petrol and make smarter decisions behind the wheel. The company ran a crowdfunding campaign that raised $205,000 from more than 1,000 backers, surpassing an initial $50,000 target. The campaign reached its $50,000 goal within 50 hours and the team emphasized that user feedback from backers was the primary objective of the raise. Founders said backers were prepared to wait about six months for the product, indicating an expected delivery timeline. GoFar previously secured seed funding in December of the prior year and later participated in the Seedstars World Final in Geneva. The startup received strong local support from Fishburners, the Founders Institute and SydStart and attracted international press, including GQ naming the product among the “coolest things in the world.” GoFar develops an in-car display and corresponding phone app that provides drivers feedback to encourage smarter, safer driving and lower fuel and insurance expenses. The Sydney startup won the Australian Seedstars competition and will represent Australia at the Seedstars World Final in Geneva. Participants in the finals attend a three-day bootcamp and receive coaching from international investors and mentors before the final pitch. Founders Danny Adams and Ian Davidson refined their pitch over years; Adams said he closed a seed funding round last month. After the competition, GoFar plans to focus on readying the product, expanding trials, and launching in the third quarter while seeking partners in the insurance and fleet sectors.

Total raised

$2M

Funding rounds

3

Latest round

Equity

Latest activity

Feb 2019