CarOnSale is reporting a €70 million Series C funding round.
CarOnSale is an online marketplace for car trading serving car professionals and OEMs, addressing a sector that has been historically fragmented.
The funding round was led by HV Capital, along with participation from Insight Partners, Stripes, and Creandum.
The new money is expected to enable CarOnSale to expand in Europe while significantly improving its product and service offering.
CarOnSale also stated that it will expand its team and further develop its digital infrastructure to facilitate seamless and efficient cross-border vehicle transactions.
Tom Krüger, CEO and Co-Founder of CarOnSale, called the funding a signal of trust regarding their business model. He said they now have a perfect foundation to grow faster across Europe.
Sanjot Malhi, Partner at Northzone, said CarOnSale is building a “category-defining pan-European platform.”
Germany-based CarOnSale was founded in 2018 by Krüger, Fabian Roth, Oguz Özgüler, and Maximilian Schilling with the mission to digitise the professional used car trade across Europe.