Motorway’s auction platform for pre-owned vehicles raises $67.7 M Series B led by Index Ventures

Motorway’s auction platform for pre-owned vehicles raises $67.7 M Series B led by Index Ventures

Freeway is a U.K. start-up that permits professional cars and truck dealers to bid in an auction for privately owned automobiles for sale. The startup has had rapid success by getting rid of a lot of friction in the process. It’s now raised ₤ 48 million/ $67.7 million in a Series B round led by Index Ventures, in addition to […] The start-up claims it enables consumers to sell their vehicle for up to ₤ 1,000 more than they could through other ways, by submitting its details through a mobile phone app that likewise utilizes computer vision to assess the state of the vehicle. Freeway says it has actually offered 65,000 vehicles since its launch in 2017 and seen sales hit ₤ 50 million in Might 2021 alone, ₤ 2.5 million of deals a day, and more than 4,000 finished car sales a month. Tom Leathes, CEO of Freeway, said: “For half a century, ineffective offline processes have led to bad offers and a bad experience for both vehicle sellers and automobile dealerships. The automobile industry is moving online and that’s partially about people buying their next cars and truck online, however it’s likewise about dealerships altering their behavior, how they do service, where they purchase their vehicles.

UK’s Cazoo will note on the NYSE by method of a SPAC, valuing it at $7B and raising $1.6 B

UK’s Cazoo will note on the NYSE by method of a SPAC, valuing it at $7B and raising $1.6 B

Cazoo, the U.K. used-car sales portal that has actually been on a major fundraising tear in the last year, will be the next business to pursue more growth by method of a SPAC: The business today revealed that it will note on the NYSE by way of a business combination with AJAX I, an unique function […] The business prepares to utilize the earnings of this to continue broadening across Europe after a bumper year.”As a long-term financier in Cazoo and believer in its management group, we are pleased to continue supporting Cazoo’s development as a public company,” said Daniel Sundheim, the founder of D1 Capital Partners, in a statement. Cazoo prepares to expand both that sales website and other businesses lines, such as an automobile subscription service it runs, which currently has 6,000+ customers in the U.K., Germany and France. SPACs have rapidly become a well-trodden option as the number of start-ups that have actually already raised a lot of cash from private backers continues to multiply. Others (and it seems Cazoo falls into this third classification) are using them as a faster method of noting publicly and fundraising through those channels to bypass some of the longer and pricey procedures of a more basic IPO….

Angling to be the Carfax for EV batteries, Persistent raises $3.5 million

Angling to be the Carfax for EV batteries, Persistent raises $3.5 million

The Seattle-based start-up Recurrent stated today it has closed on$ 3.5 million in financing as it looks to end up being the Carfax for electric lorry batteries. The battery system is probably the most vital part of any electric vehicle and as the marketplace for used electrical lorries broadens, independent verification on battery life and variety can […]…

China’s electric SUV maker Li Auto raises $1.1 billion in US IPO

Trade tensions in between China and the U.S. have actually not stopped Chinese companies from considering to list on American stock exchanges. Li Auto, a five-year-old Chinese electric lorry start-up, raised $1.1 billion through its launching on Nasdaq on Thursday. The Beijing-based company is targeting a growing Chinese middle class that aspires to drive cleaner, smarter and […] The six-year-old competitor stated last year it might consider an IPO. Li Car, for instance, counts China’s food shipment magnate Wang Xing, manager of Meituan Dianping, as its second-largest investor after its CEO Li Xiang. As my colleague Alex pointed out, Li Vehicle is on a trajectory comparable to that of its peer Nio, going public after a short history of delivering to consumers. Its annual earnings– comprised primarily of car sales and a small part from services like charging stalls– stood at 284 million yuan ($40.4 million) in 2019, a tiny portion of Nio’s$1.12 billion. Li Vehicle, a five-year-old Chinese electrical lorry start-up, raised $1.1 billion through its launching on Nasdaq on Thursday….