SJF closed a $575,000 investment in Salvage Direct in mid-September as part of a $1.1 million Series B financing round. Additional investors included two other institutional investors and some individual investors. Salvage Direct has also received previous support from the Ben Franklin Technology Partners of Central Pennsylvania.
Salvage Direct hosts online auctions for the auto insurance industry, facilitating the sale of salvaged vehicles from auto insurers to dismantlers. The company also provides supporting salvage management services to the auto insurance industry.
“Salvage Direct is one of the most exciting companies that I’ve worked with during my tenure at SJF,” says Dan Hoversten, SJF Managing Director. “The firm offers not only significant upside potential, but also tremendous community development and environmental gains by providing much needed quality jobs in western Pennsylvania and making automotive recycling more efficient.”
Salvage Direct is headquartered in a former steel mill located in a Keystone Opportunity Zone. The company expects to create up to 70 new jobs in Western Pennsylvania within the next three years.
The company operates in five states from its Web site at www.salvagedirect.com and currently services three of the nation’s six largest auto insurers.
SJF is a $17 million venture capital fund with offices in Durham, N.C. and in Philadelphia. The Fund invests in enterprises whose rapid growth provides quality entry-level employment in the eastern U.S., specializing in firms that provide unique, sustainable products and services.
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