DriverUp, an online marketplace for automotive financing, announced it closed a $20 million Series B round.
The latest round of funding comes after parent company Sierra Auto Finance raised $50 million in the first quarter, also led by Emerald Development Managers and RRE Ventures.
“This Series B round allows us to accelerate our product development, support added marketplace loan inventory, and ramp up marketing efforts,” DriverUp Chief Executive Sam Ellis said in a written statement.
“We have seen strong interest from accredited investors since launching, and are confident this round of funding will bolster DriverUp’s ability to take the platform to new levels and reach a larger audience,” he said.
DriverUp, started by Dallas-based Sierra in February, allows hedge funds, endowments, and high-net-worth individuals to invest in the auto finance industry directly. “We looked around and no one is really doing this in auto,” Ellis told AFN at the time.
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