The online used-car marketplace is heating up in the U.K. as one London-based startup secured $13.9 million in Series A funding this week. The round was led by hedge fund Marchmont Ventures and LocalGlobe.
The platform is called Motorway and enables U.K. consumers to buy and sell used cars online. The startup, launched in 2017, lets car sellers see live offers from multiple car-buying services and dealerships. Consumers can compare offers, buyer reviews, and fees and delivery options to find the most attractive deal.
In the past 18 months, Motorway has achieved $165.2 million worth of completed car sales through its buyers and has grown to more than 100,000 monthly customer sales inquiries, the company noted.
With the new funding, Motorway will “double down” on building its car sales platform for consumers and enabling car buyers to improve their stock acquisition process at scale, Chief Executive and Co-Founder Tom Leathes said in a press release, noting that Motorway is focused on helping the U.K. used-car market that is going through “unprecedented change,” he said.
The latest investment props up the company’s funding to a total of $17.4 million. Last year, the startup raised $3.4 million in seed funding from Marchmont Ventures and LocalGlobe.
Alternative platforms for car ownership are gaining traction in the U.K. Earlier this month, Toyota Financial Services became a finance partner to U.K.-based Vantage Motor Group as the dealer chain looks to expand its online vehicle sales platform. In May, the captive bought a majority stake in London-based ride-sharing startup Faxi to engage in new mobility solutions.Like This Post