Car auction platform Vroom nets $76 Series F

Vroom has raised $76m in its Series F round of funding led by funds advised by T. Rowe Price Associates.

Other investors included L Catterton, General Catalyst Partners and PICO Venture Partners.

The US-based company is an online car auction site, which allows users to buy, sell and trade-in their vehicles. This platform also offers users the chance for financing options, with it selecting the best rates from its partnered banks.

The cars are inspected and reconditioned before being sold and there is a seven-day return window.

Vroom CEO Paul Hennessy said, “Consumers are begging for a change from the antiquated model of car-buying that we’ve all been taught is our only option. Research shows that less than 1% of people prefer the current car-buying process.

“That dissatisfaction is why we’re investing in a better customer experience, which means greater selection, leading price positioning, and an end-to-end online transaction.”

Following this latest round, the total value of funding Vroom has received has reached $295m, with the firm picking up a $50m Series E round last year.

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