Autoquake.com, an online used car retailer, has announced the completion of a GBP4m round of venture capital funding from Accel Partners and Highland Capital Partners.
Autoquake.com, an online used car retailer, has announced the completion of a GBP4m round of venture capital funding from Accel Partners and Highland Capital Partners.
The financing is in addition to the GBP10m already raised and will allow Autoquake.com to continue the growth of its UK operations, service offerings, technology platform and brand. It will also provide Autoquake.com with capital for its planned international expansion.
While much of the car industry has been wrestling with the worst trading conditions and results in living memory, Autoquake.com says it has been bucking the trend, growing sales of used cars seven fold between 2007 and 2008. Total sales in 2009 are expected to exceed 15,000 cars, assisted by the opening last month of a new large-scale indoor distribution centre in Leeds to add to the existing site in Birmingham. Further locations are being planned in the future across the UK, which this latest funding will help support.
Autoquake.com offers car buyers discounts of more than ten per cent compared to traditional dealers and car supermarkets.
‘Autoquake.com has grown very strongly in the last year and we are now starting to develop real scale. This latest funding will enable us to continue to expand our operations and facilities to increase our volume, develop our technology which underpins the business model and grow the profile of the Autoquake.com brand still further, as well as providing capital for our international expansion.’ says Garry Hobson, chief executive of Autoquake.com. ‘We are delighted that our long term partners Accel and Highland have continued to invest in the development of the business. They bring a tremendous amount to Autoquake.com not just in terms of new capital but also their breadth of expertise in the ecommerce, internet and retail sectors.’
Kevin Comolli, board member and partner of Accel Partners, says: "Autoquake.com’s growth and achievements in the last year have been truly remarkable, especially considering the challenging economic climate. We are very proud of the company’s success, which is a testament to the exceptional team, disruptive business model, innovative ecommerce platform and flawless execution. Consumers and fleet owners, especially during the economic downturn, will continue to benefit from Autoquake.com’s value proposition."
