How Two CBA Grads Founded Hot Syracuse Startup that just Landed a $104M Investment

Posted on February 6, 2023

Syracuse, N.Y. -- A fast-growing Syracuse company that helps car dealers all over the world turn online shoppers into buyers has secured one of the largest single equity investments ever received by a local startup.

Impel, whose digital engagement software is used by 4,000 auto dealerships in 53 countries, last month received a $104 million investment led by Silversmith Capital Partners, a Boston-based growth equity firm, with participation from existing investor Wavecrest Growth Partners.

Impel said it will use the funding to rev up its growth even more through product expansion, and mergers and acquisitions.

“This investment will significantly strengthen our ability to introduce new products and innovations that generate meaningful business impact for manufacturers and dealers alike, while enhancing the customer experience at every touchpoint,” said Devin Daly, Impel co-founder and CEO.

Impel got its start at CenterState CEO's business incubator, The Tech Garden, in downtown Syracuse.

The $104 million investment is not the largest single funding series received by a Syracuse startup in recent years, but it’s close.