Online Car Marketplace Vroom Gets $254 Million In Series H Funding

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Vroom

Used car marketplace Vroom, the New York-based firm has bagged another funding round worth $254 million. The Series H round of funding has been led by Washington, D.C.-based Durable Capital Partners LP along with few unnamed backers. While the firm has not disclosed the valuation of the firm as yet but it seems like it has entered the unicorn club.

Before this round, the firm had secured $146 million in Series G round last year in December. That round was led by AutoNation, T. Rowe Price, L Catterton, Fraser McCombs Capital, and General Catalyst are few of the other notable names who have infused capital in the firm. The current infusion of the funds takes the total amount raised by the company to $721.3 million.

Vroom was launched in 2013 by Kevin Westfall, Marshall Chesrown, and Scott Chesrown. The firm has been used by more than 250,000 buyers and sellers as per the firm. The marketplace of the firm has almost over 3,000 cars listed from around 40 car models.

Paul Hennessy, the CEO of the platform through a statement said, “This new round of funding provides the necessary resources to further grow and scale our business. We are thrilled to receive continued support from investors and partners, reinforcing the Vroom model as a tremendous opportunity to bring about a fundamental and enduring change in the used vehicle industry.”

Durable Capital Partners' CIO Henry Ellenbogen commenting on the funding said, “I’ve worked with the Vroom team for years, and I’m pleased to announce that it is one of the first companies that my new firm is investing in. We’re very excited to be a part of the future of automotive retail, and we support Vroom in its efforts to move the car buying and selling process online for consumers across the country.”

 

Image Courtesy : DealerRater

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