Online Used Car Retailer Vroom Raises $146 Million
Vroom offers low-mileage reconditioned vehicles via its direct-to-consumer platform
New-York based online used-car retailer Vroom has raised a $146 series G round led by American automotive retailer AutoNation, the company announced Tuesday. The current round, brings Vroom's total funding to date to around $440 million. Participating investors included existing investor Baltimore-based asset management group T. Rowe Price Group, and Cambridge, Massachusetts-based venture capital firm General Catalyst Partners.
Vroom was founded in 2013. Via its online direct-to-consumer platform, the company offers low-mileage reconditioned vehicles, with an added possibility of receiving financial aid for the acquisition via Vroom's lending partners. The company also offers insurance products as part of the purchase.
Vroom stated it will use the funding to continue developing its platform, expand its marketing reach and “continue to build” its management team.
Used cars. Photo: Amit Magal