London-based automotive and transactions startup carwow, has landed $55 million in a new venture debt funding and it was provided by Hercules. Also backed by big names in the investor world like Accel, Balderton Capital, Episode1, Virtuvian Partners and Daimler, carwow will be using the new funds to scale its “sell Your Car” service, keep developing their technology and look for international expansion as well as create 150 more brilliant carwow jobs . The company has managed to raise over $150 million to date.
Being in the automotive industry since 2013, Carwow is the smart way to choose and buy a new car. The company helps to connect car buyers to car dealers to make the process as efficient and cost effective as possible, while enabling consumers to interact with an official dealer throughout the transaction process. The company’s dealer partners sell more cars in the showroom alone, while reducing cost inefficiencies and improving stock turnover.
“We’re incredibly pleased with how quickly our users and trade buyers have taken to Sell Your Car, proving the value of a unified, digital selling and buying experience,” commented founder and CEO James Hind. “The size of our customer base and reach of our brand gives us a significant platform for growth advantage but this latest investment will help supercharge our service and experience on all fronts.”
Carwow created and launched its ‘Sell Your Car’ service, and reports an average of 900 cars listed on the platform on a daily basis, with 7,000 live listings in no more than two months. Based on strong growth in their home market, carwow is looking to expand its “Sell Your Car” service across Europe and beyond.
Source: Tech.eu “carwow secures $55 million in new funding to power up Sell Your Car division”